(Answered) Explain why it is important to know and understand the

Accounting

Explain why it is important to know and understand the difference between the two accounting methods, which are the accrual method and the cash method. Then explain and recognized what it means that they are reported on the income statement instead of being held on the balance sheet.

1. Which method (s) can privately held companies?

2. Which method (s) can publicly held companies?

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