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Briefly explain the four basic assumptions that underlie financial accounting. ...

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Accounting

Briefly explain the four basic assumptions that underlie financial accounting.

Provide clear, concise answers for the following. Use your own words. Do not copy and paste.

  1. What is the accrual basis of accounting?

  1. What is a prepaid expense?

  1. What is unearned revenue?

  1. What is an accrued expense?

What is accrued revenue?

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