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Discuss when the requirements of the revenue recognition principle and the expense recognition principle are usually met. Give an example. What is the purpose of

  • Discuss when the requirements of the revenue recognition principle and the expense recognition principle are usually met. Give an example.
  • What is the purpose of a trial balance?If the debits equal the credits in the trial balance, will the financial statements be error-free?Why or why not?
  • What are the differences in the cash basis and the accrual basis of accounting?Which is required by GAAP?Why?

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