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Explain why generally accepted accounting principles (GAAP) require the accrual basis of accounting.

BASIC ACCOUNTING SYSTEMS: CASH AND ACCRUAL BASIS

Overview

Discussion 2

Learning Outcomes

This week students will

1. Describe the basic elements of a financial accounting system.

2. Prepare financial statements using the accrual basis of accounting.

3. Explain why generally accepted accounting principles (GAAP) require the accrual basis of accounting.