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Accounting History https://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles_(United_States) must copy above line and
paste to browser “Generally Accepted Accounting Principles, also called GAAP
or US GAAP, is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC
has stated that it intends to move from US GAAP to the International Financial Reporting
Standards (IFRS), the latter differ considerably from GAAP and progress
has been slow and uncertain.[1][2] ” https://www.investopedia.com/terms/c/cashbasis.asp BREAKING DOWN 'Cash Basis'When transactions are recorded on a cash basis, they affect a company's books only once a completed exchange of value has occurred; therefore, cash basis accounting is less accurate than accrual accounting in the short term.
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