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1. What is the purpose of each of the basic financial statements (income statement, balance sheet, and statement of cash flows)?

2. Financial statements are designed to provide information beneficial to users to help them assess the amount, timing, and uncertainty of future cash flows of the firm. If the focus is on cash, then why does the accounting profession emphasize accrual accounting rather than cash basis accounting?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92169576

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