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Please discuss the following issues: 1. How are revenue and expenses reported on the income statement under (a) the cash basis of accounting and (b)
Please discuss the following issues:
1. How are revenue and expenses reported on the income statement under (a) the cash basis of accounting and (b) the accrual of accounting?
2. Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of accounting?
3. Why are adjusting entries needed at the end of an accounting period?
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