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What were the results of the Illumination Studies?
Cash Basis
An accounting method where revenues and expenses are recorded when they are actually received or paid, not when they are incurred.
Adjustments
Entries made in accounting records to correct or update financial information.
Accrued Items
Expenses or revenues that have been incurred or earned but have not yet been recorded or paid.
Time Period Assumption
An accounting principle that assumes a business's complex financial activities can be divided into shorter, discrete time periods, such as months, quarters, or years.
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