Question

Does cash basis of accounting violates Gaap??If yes,how??​

Answer 1

Answer:

noooooooooooooooooooooooooooooooooooooo

Answer 2

Answer:

GAAP does not allow companies to use the cash basis of accounting because it violates the matching principle, time period principle, and doesn't reflect the actual company performance or financial status. Companies are allowed to use the cash basis for internal purposes.