Discussion Post
a) The timing of recording financial transactions is important. Explain the difference between cash and accrual basis of accounting in terms of when transactions are recorded. Is one more beneficial than the other? Explain your answer.
b) Describe the three-line items of the multistep income statement. Explain why it would be important for a company to break out its income in this manner.
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.