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Assets, Revenues, and Expenses Concepts - What is an accrual and how do they show up on financial statements? What is depreciation and why does

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Assets, Revenues, and Expenses Concepts - What is an accrual and how do they show up on financial statements? What is depreciation and why does it exist? Why is depreciation recorded as an expense? What is LIFO and FIFO? Why would a company use one instead of the other

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