Paper Assignment
Length: 5 to 6 pages.
The US Generally Accepted Accounting Principles (GAAP) requires the use of the accrual basis of accounting for business enterprises. The Governmental Accounting Standards Board (GASB) requires the use of the modified accrual basis for fund statements and the accrual basis for the government-wide financial statements. The IRS allows small businesses and partnerships to use the cash basis to prepare the financial statements and the tax return. Write an academic paper to compare the three accounting basis; the accrual basis, the modified accrual basis, and the cash basis. Your paper should include the pros and cons of each basis, and discussion of the financial and economic effects.
Format your assignment according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.