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Explain the rationale behind accrual accounting

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Reference no: EM132916427

In financial accounting and reporting, accrual concept is commonly used as a basis in the preparation of financial statements.

Question a. Explain the rationale behind accrual accounting.

Question b. Explain four (4) accounting concepts (other than accrual) which are applied by business entities in the preparation of financial statements.

Reference no: EM132916427

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