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Explain in detail the concept of accrual accounting and its significance in financial reporting. Why it is considered a more accurate representation of a company's

Explain in detail the concept of accrual accounting and its significance in financial reporting. Why it is considered a more accurate representation of a company's financial performance and position? Illustrate with examples how the recognition of revenues and expenses under accrual accounting affects the timing and matching of financial transactions, and how it contributes to the overall reliability of financial statements.

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