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Unformatted text preview: when cash is paid. ( Not useful for reporting to external users ) 2. Accrual basis records revenues when earned and expenses when incurred, regardless of the timing of cash receipts or payments ( GAAP requires to use this basis for financial reporting purposes )...
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This note was uploaded on 01/29/2012 for the course FINAN ACCT 272 taught by Professor Cao during the Spring '12 term at Rutgers.
- Spring '12