Why is modified accrual accounting necessary?
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Why is modified accrual accounting necessary?
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Solution Summary
In a 235 word explanation, the solution explains the use of modified accrual with examples for better understanding.
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Modified accrual is a method of accounting often used in tax reporting. It is not GAAP and would therefore require noting in the opinion of a financial statement. That is not to say it isn't acceptable for financial statements, but simply that any deviations from GAAP must be noted in the opinion.
To review, modified accrual means that not all the items in the ...
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