Question: 8.Why is drawings is not an expense 9.Why does accounting concepts and assumptions exist? 10.Why is accrual based profit better than a cash based profit

8.Why is drawings is not an expense

9.Why does accounting concepts and assumptions exist?

10.Why is accrual based profit better than a cash based profit calculation?

11.What is depreciation? Why is it treated as an expense?

12.Why are financial statements necessary? What information do they provide?

13.Explain the basic difference between a service and a retail business.

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