Department of English & Foreign Languages. The Department of English shares a broad objective with other departments in the School of Humanities and Social Sciences: to teach the skills which will enable you to interpret, evaluate, and, in your own way, change your world.
In short, GAAP requires accrual accounting rather than cash accounting, because the accrual basis better fits the defined objectives of the Financial Accounting Standards Board (FASB). Accrual accounting requires companies to record transactions in the time period in which financial events occur.
Share on Facebook. The cash method and the accrual method (sometimes called cash basis and accrual basis) are the two principal methods of keeping track of a business's income and expenses. In most cases, you can choose which method to use.