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Cash basis accounting system

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Reference no: EM131183

Answer following question:

1. what are the several fields of accounting and how do they differ?

2. how are expenses and revenues affect the owners' equity account?

3. why are expenses and revenues recorded separately from the owner's equity account?

4. are adjusting entries used in an accrual basis accounting system or in a cash basis accounting system? Why?

Reference no: EM131183

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