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How does relate to the matching principle

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Reference no: EM132612371

Question 1: Describe an adjusting journal entry that is needed at the end of an accounting period.

Question 2: Why are adjusting entries important and how do they contribute to accurate financial reporting?

Question 3: Accrual accounting is required under U.S. GAAP. One of the main principles of accrual accounting is the Matching Principle, also known as the Revenue Recognition Principle and the Expense Recognition Principle. Consult are liable resource online and in your own words, explain the difference between accrual basis accounting and cash basis accounting. How does this relate to the Matching Principle?

Reference no: EM132612371

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