Summarize each accounting method, including advantages and disadvantages of each

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A financial specialist oversees fiscal management for the government or security agency. He or she performs audits and maintains compliance.Imagine you are a financial specialist in a state or local government criminal justice agency. Your agency director has received an audit report discrepancy that identified the agency was using a mixture of cash basis and accrual accounting methods. Your director wants to implement only one method and has asked you to develop a recommendation.Write a recommendation in which you:• Summarize each accounting method, including advantages and disadvantages of each method.• Identify which accounting method you recommend the agency should implement—cash-basis, accrual, or modified accrual—and a detailed explanation of why you selected that method.• Explain how your chosen accounting method aligns with fiscal management strategies.

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