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CASH AND ACCRUAL BASIS OF ACCOUNTING CONCEPTSCASH BASISACCRUAL BASISGAAPX?IncomeRecognize when gained regardless of whenearnedRecognized when earned irrespective of whenreceivedExpenseRecognized the moment paid out despite whenincurredRecognized after incurred No matter ofwhen earnedSalesOnly realize the moment payment is receivedCash SalesxxCollec

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