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Accrual accounting requires estimates of future outcomes.For ex, the reserve for bad debts is a forecast of the amount of current receivables that will ultimately prove unconllectiable.

Required: Identify and describe three reasons why accounting information might deviate from the underlying economic reality.Cite exs of transations that might give rise to each of the reasons.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M947290

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