What is accounting? Describe each part of the accounting equation. How do accruals and deferrals affect financial
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Question:
What is accounting? Describe each part of the accounting equation.
- How do accruals and deferrals affect financial statements?
- When are period costs expensed? When are product costs expensed?
- There are four financial statements utilized in the accounting process. List those financial statements and explain why they are used.
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