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Why is drawings is not an expense

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Reference no: EM132747965

Question: 1. Why is drawings is not an expense. Why does accounting concepts and assumptions exist?

2. Why is accrual based profit better than a cash based profit calculation?

3. What is depreciation? Why is it treated as an expense?

4. Why are financial statements necessary? What information do they provide?

5. Explain the basic difference between a service and a retail business.

Reference no: EM132747965

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