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Describe the three-line items of multistep income statement

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1. The timing of recording financial transactions is important. Explain the difference between cash and accrual basis of accounting in terms of when transactions are  recorded. Is one more beneficial than the other? Explain your answer.

2. Describe the three-line items of the multistep income statement. Explain why it would be important for a company to break out its income in this manner.

Reference no: EM133064325

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