Title: ACC 300 Week 2 Team Reflection Sample content: Weekly Reflection Week Two Acc/300 It is valuable for a company to record operating costs and also the companys revenues. The accrual and cash bases of accounting are distinct only of each other in the time of the transactions and sales are credited or debited in an account. Accrual basis of accounting records a product purchase while the time of the purchase happened not concerning the money if it was gained or traded. Cash basis of accounting only records cash purchases paid in and paid out of a company; cash basis of accounting is not a recommended accounting procedure and restricted by commonly used accounting standards. Topics comfortable with The group is satisfied with the ideas of accrual, cash and tax bases of accounting. The group is able to comprehend where the accrual procedures can be utilized by the accounting management on the cash basis procedures for it is a more precise depiction of a corporations rev