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Describe accrual basis and cash basis of accounting

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Reference no: EM133075696

1. What is the difference between accrual basis and cash basis of accounting?

2. Which financial statement will allow you to determine the Gross Margin or Net Margin?

3. How is time defined between Balance Sheet and Income Statement?

4. How is Fixed Assets and Current Assets defined?

5. Why do we need to prepare the Cash Flow statement when we have Income Statement?

6. What impact does Tax have in the Financial Statements?

Reference no: EM133075696

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