EXERCISE 21 Accrual accounting requires estimates of future outcomes. For example, the reserve for bad debts is
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EXERCISE 2–1 Accrual accounting requires estimates of future outcomes. For example, the reserve for bad debts is a forecast of the amount of current receivables that will ultimately prove uncollectible.
Required:
Identify and explain three reasons why accounting information might deviate from the underlying economic reality. Cite examples of transactions that might give rise to each of the reasons.
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