Accrual Versus Cash method of Accounting

Lets Discuss: Accrual Versus Cash method of Accounting.In this module, we learned the differences between accrual-basis accounting and cash-basis accounting. Additionally we explored how events are treated differently under the two methods. For this week's discussion — you must select one of the following topics as your initial response. In addition to your initial response, please be sure to respond to at least two other student's initial responses as well. Topic Choices: 1.Describe how you can apply the concepts of accrual and cash accounting to your personal life or professional career. 2.Share with the group any aspects of these concepts that you find confusing or need clarified. 3.Pick an example transaction and share with the group how it would be accounted for under both the accrual method and the cash methods of accounting.