What strategies can they use to gain a competitive advantage?

Writing Assignment for Unit One• Include your name, student number, course number, course title and unit number with yourwriting assignment.• Begin each writing assignment by identifying the question number you are answering followed bythe actual question itself (in bold type).• Use a standard essay format for responses to all questions (i.e., an introduction, middleparagraphs and conclusion).• Responses must be typed double-spaced, using a standard font (i.e. Times New Roman) and 12point type size.TextbookSurvey of AccountingCarl S. Warren, 2018CengageISBN.13: 978-1-305-96188-3Please answer ONE of the following:Please choose a question below and type your answer in the built-in text editor. You only need to select one question from the list below:1.How do businesses make money? What strategies can they use to gain a competitive advantage?2.Differentiate between the cash and accrual bases of accounting.3.When are sales recognized under the cash basis of accounting? When are expenses recognized? Explain.