Question: (a) What does accounting for accruals and deferrals essentially involve? (b) After studying chapter 3, at what point in the accounting cycle would you conclude

(a) What does accounting for accruals and deferrals essentially involve?

(b) After studying chapter 3, at what point in the accounting cycle would you conclude that most accrual and deferral work is done? Explain.

(c) Why is it important to account for accruals and deferrals "properly"?

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