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Part I Please explain what accruals are and why they are necessary for accounting. Please give an example of 2 accrual entries and their purpose.

Part I

Please explain what accruals are and why they are necessary for accounting.

Please give an example of 2 accrual entries and their purpose.

Part II

Please explain what deferrals are and why they are necessary for accounting.

Please give an example of 2 deferrals.

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