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Fundamental Accounting Principles Study Set 5
Quiz 3: Adjusting Accounts and Preparing Financial Statements
Discuss the Importance of Periodic Reporting and the Time Period
Question 159
Essay
Discuss the importance of periodic reporting and the time period assumption.
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Q 160
Discuss how accrual accounting enhances the usefulness of financial statements.
Q 161
Identify the differences between accrual accounting and cash basis accounting.
Q 162
Explain the purpose of adjusting entries at the end of a period.
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