Each question has two parts; please have separate references for questions 1 and 2. Each question must be at least 250 words. Keep question answers and references separate. Question 1 What are the dif

Each question has two parts; please have separate references for questions 1 and 2. Each question must be at least 250 words. Keep question answers and references separate.

Question 1

What are the differences between cash and accrual basis accounting? Provide an example of each.

Accrual accounting requires adjusting entries.  Provide an example of an adjusting entry.

Question 2

Discuss the differences between financial and managerial accounting. What types of documents are prepared by business organization using financial and managerial accounting?

Please visit the Institute of Management Accountants site. What can you find to share about the accounting profession?