Disscuss basic accounting events in life of a depreciable

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Question 1. Disscuss the basic "accounting events" in the life of a depreciable plant asset. Which of these events directly affect the net income of the current period? Which directly affect cash flows (other than income tax payments)?

Question 2. Explain the relative priority of the claims of owners and of creditors to the assets of a business. Do all creditors have equal priority? Explain. If no, then give your thoughts as to why?

Reference no: EM132591373

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