Discussion Topic 1 Financial Reporting

After studying the reading material for the week, respond to the following in a minimum of 250 words:

ACCRUAL VS CASH ACCOUNTING

Please watch the following videos and discuss this topic:

Discuss the timing difference on revenue and expense recognition between cash-based and accrual-based accounting by citing a specific transaction as an example. How does this issue impact financial reporting (FASB) and tax reporting (IRS)?

https://www.youtube.com/watch?v=mAEscMr5IMA

https://www.youtube.com/watch?v=7pnaKLIUfsc

https://www.youtube.com/watch?v=e-U-e4qxtzo 

Discuss the role and responsibilities of a CPA.