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3 1. What is the revenue recognition process? (Hint List the 5 steps involved) 2. What causes the difference between gross sales and net sales?

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3 1. What is the revenue recognition process? (Hint List the 5 steps involved) 2. What causes the difference between gross sales and net sales? 3. Why is it essential to account for Bad Debts? 4. What are the two methods of estimating Bad Debts? Explain each

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