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Hi! I need help understanding how to answer this question: You are visiting with a friend, Ellie Broomfield, who wants to start a new business.

Hi! I need help understanding how to answer this question:

  1. You are visiting with a friend, Ellie Broomfield, who wants to start a new business. During discussions on forming the business, Ellie makes this statement: Our business will have accounts receivable and accounts payable. It will also acquire a substantial amount of computers and equipment. Will it be acceptable to use the cash basis of accounting? Prepare a response for Ellie!

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