Develop a brief answer to each of the following questions. 1. When a company has net income,
Question:
Develop a brief answer to each of the following questions.
1. When a company has net income, what happens to its assets and/or to its liabilities?
2. Is accrual accounting more closely related to a company’s goal of profitability of liquidity?
3. Will the carrying value of a long-term asset normally equal its market value?
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