Solution-How is income determined under accrual-basis of

How is income determined under accrual-basis of accounting

Reference no: EM132430148

Question - Accrued items and deferred (unearned or prepaid) items.

Generally accepted accounting principles require the use of accruals and deferrals in the determination of income. How is income determined under the accrual-basis of accounting? Include in your answer what constitutes an accrued item and a deferred (prepaid) item, and give appropriate examples of each.

Reference no: EM132430148

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How is income determined under accrual-basis of accounting

Reference no: EM132430148

Reference no: EM132430148

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