Week Two: Basics of AccountingDetailsObjectives1 1.1 Identify the importance of

Week Two: Basics of AccountingDetailsObjectives1 1.1 Identify the importance of using the accrual method.1.2 Apply balance statement principles to personal finances.CheckPointAccrual MethodAnswer the following questions in 200 to 300 words:Nonprofit organizations are required to produce financial statements based on the accrual method of accounting. How is this different from the cash basis of accounting? Why is accrual accounting important?In an accrual system does revenue equal cash?What is the importance of the statement of cash flow in the financial management of an organization?Provide at least one resource to support your answer using APA guidelines.Post your answer as a Microsoft Word attachment to the Assignment Link.IndividualPersonal Balance StatementRead the background information provided in Appendix B.Complete the personal balance statement template provided in Appendix C based on your understanding of the information in Appendix B.Put your name on your sheetPost your Appendix C as a Microsoft Excel attachment