Accrual accounting requires estimates of future outcomesfor

Reference no: EM13390409

Accrual accounting requires estimates of future outcomes.For example, the reserve for bad debts is a forecast of the amount of current receivables that will ultimately prove unconllectiable.

Required: Identify and explain three reasons why accounting information might deviate from the underlying economic reality.Cite examples of transations that might give rise to each of the reasons.

Reference no: EM13390409

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