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Why is drawings is not an expense

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Reference no: EM132691248

Question 1: Why is drawings is not an expense

Question 2: Why does accounting concepts and assumptions exist?

Question 3: Why is accrual based profit better than a cash based profit calculation?

Question 4: What is depreciation? Why is it treated as an expense?

Question 5: Why are financial statements necessary? What information do they provide?

Question 6: Explain the basic difference between a service and a retail business.

Reference no: EM132691248

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