Watch Accounting WITT's video titled "Cash and Accrual - Conceptual":
https://www.youtube.com/watch?v=aPwdgUDXkkE&feature=youtu.be
Based on the video, explain two (2) advantages and two (2) disadvantages in using both the cash and the accrual basis of accounting.
Then, determine the one (1) that you believe provides the most useful financial information to users.
Identify at least two (2) types of businesses that would benefit by preparing financial statements using either the cash or accrual basis of accounting.
Justify your response.