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Week 3: Accrual Accounting
Q Let's start the week by exploring accrual-basis accounting. Why do accountants use the accrual-basis method instead of the cash basis method of accounting? What are some of the benefits of using accrual accounting?
Because the accrual method captures all revenues as they are earned and all expenses as they are incurred, this is the case. For instance, a corporation may have sales in the current quarter that aren't reported under the cash method because revenue isn't expected until the next quarter.
