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Explain the reasons for preparing adjusting entries. Multiperiod costs and revenues that must be split among two or more accounting. Expenses should be matched with revenues revenue should be recognized in the accounting period in which a performance. Prepare financial statements from the adjusted trial balance.
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The 35 questions include many topics covered in a typical accounting 101 class. The time period assumption assumes that the economic life of a business is divided into artificial time periods. Differentiate the cash basis of accounting from the accrual basis of accounting… Other sets by this creator.
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