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GAAP is based on a concept of accrual accounting. Define/describe accrual accounting, the two fundamental principles guiding this approach, and why this is the preferred
- GAAP is based on a concept of accrual accounting. Define/describe accrual accounting, the two fundamental principles guiding this approach, and why this is the preferred method.
- The balance sheet consists of assets, liabilities, and equity. The first two are even further broken down into current assets/liabilities and long-term assets/liabilities. Define each category, clarify the difference between current and long-term accounts, and provide two examples of accounts reported within each of the following categories:
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