Accrual accounting: eliminates the need to record moshof a company's liabilities. accounts for the economic...
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Accounting
Accrual accounting: eliminates the need to record moshof a company's liabilities. accounts for the economic effects of transactions when cash receipts or cash payments take place rather than when the resulting revenues are earned or expenses are incurred. is used for financial reporting purposes because it measures of a company's past earnings performance more accurately than does cash basis accounting. rarely if ever involves the use of estimates
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