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Accounting

Question: 1. (a) How does the periodicity assumption affect an accountant's analysis of accounting transactions?

(b) Explain the term fiscal year.

2. Identify and state two generally accepted accounting principles that relate to adjusting the accounts. 3. Max Wilson, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Wilson's law firm prepares monthly financial statements, when should it recognize revenue from this engagement? Why?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92652238

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