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Distinguish accrualaccounting fromcash-basis accounting.. Objective 1. Accrual-basis:Transactions are recordedwhen revenues areearned or expensesare incurred.. Cash-basis:Transactions arerecorded whencash is paid orcash is received.. The Two Bases of Accounting:. Accrual Versus Cash Exampl
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1. Measuring Business Income:The Adjusting Process Chapter 3
2. Distinguish accrual
accounting from
cash-basis accounting. Objective 1