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How they are recognized on the company financial statements

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Reference no: EM131569317

Problem - Cash-basis of accounting method is the simplest to use. However, in general, the accepted accounting principles only allow businesses to use accrual accounting.

  • Discuss how accrued revenues and prepaid expenses are accounted for using an accrual basis of accounting.
  • Discuss how they are recognized on the company's financial statements.

Reference no: EM131569317

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