In the context of proper accounting practices, identify a major difference between cash-based and accrual-based accounting systems.

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The major difference between cash-based and accrual-based accounting systems is that cash-based systems recognize revenue and expenses only when cash is received or paid out, whereas accrual-based systems record revenue and expenses when they are incurred, regardless of when cash is received or paid out. Accrual-based systems provide a more accurate picture of a company's financial performance over time, as they take into account all transactions related to a specific period, whereas cash-based systems can be misleading as they may not accurately reflect the timing of revenue and expenses.

In the Context of Proper Accounting Practices, Identify a Major