As a recent graduate in accounting, and the financial director of a political candidate in a current election, you have been asked to explain many questions concerning how governmental accounting differs from corporate accounting.
Required:
(a) Discuss the differences between cash basis and accrual-basis accounting.
(b) Prepare a memo to your candidate explaining why governmental entities favor the cash basis of accounting.

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The Answer of As a recent graduate in accounting, and the financial director of a political candidate in a current election, you have been asked to explain many questions concerning how governmental accounting differs from corporate accounting.
Required:
(a) Discuss the differences between cash basis and accrual-basis accounting.
(b) Prepare a memo to your candidate explaining why governmental entities favor the cash basis of accounting.

As a Recent Graduate in Accounting, and the Financial Director