question archive 1) A friend of mine is self employed and he only counts the currency he takes in as income and only recognizes expenses as he pays them
1) A friend of mine is self employed and he only counts the currency he takes in as income and only recognizes expenses as he pays them
Subject:AccountingPrice:2.86 Bought8
1) A friend of mine is self employed and he only counts the currency he takes in as income and only recognizes expenses as he pays them. As such what kind of accounting is he practicing? Is this acceptable under GAAP
2) What is the accounting equation? List one item for each of the elements of the accounting equation.
3) What is the proper order for completing the financial statements? Why is this order critical?
4) What is the difference between the "Unadjusted Trial Balance" and "Adjusted Trial Balance"
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