After reading the chapter, please answer the following two statements/questions based on your new accounting knowledge:
After reading the chapter, please answer the following two statements/questions based on your new accounting knowledge:
1. What is the difference between cash basis accounting and accrual basis accounting? Name five accounts only associated with accrual basis accounting and not cash basis accounting.
2. Why is it important to apply the matching principle and the revenue recognition principle? How are accounts updated through adjusting entries?
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