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How do accruals and deferrals affect financial statements

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Reference no: EM133419571

Question: Write a narrative essay (minimum of 1000 words) that addresses the questions and statements below. When finished, the essay should demonstrate a thorough understanding. A minimum of three scholarly sources are required, and all sources should be cited and referenced in APA format.

  1. What is accounting? Describe each part of the accounting equation.
  2. How do accruals and deferrals affect financial statements?
  3. When are period costs expensed? When are product costs expensed?
  4. There are four financial statements utilized in the accounting process. List those financial statements and explain why they are used

Reference no: EM133419571

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