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CASH AND ACCRUAL Foundation OF ACCOUNTING CONCEPTSCASH BASISACCRUAL BASISGAAPX?IncomeRecognize when gained no matter whenearnedRecognized once earned no matter whenreceivedExpenseRecognized after compensated despite whenincurredRecognized after incurred No matter ofwhen earnedSalesOnly acknowledge as soon as payment is receivedCash SalesxxCollectio