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Explain How "Accruals" Are Used in Financial Reporting

question 116

Essay

Explain how "accruals" are used in financial reporting. Provide an example to support your discussion.


Definitions:

Bicameralism

The practice of dividing a legislative body into two separate chambers or houses, typically an upper and a lower house.

Legislative Chambers

Bodies within a legislative branch of government, such as the Senate and House of Representatives in the United States, responsible for making laws.

Executive Branch

The branch of the United States government responsible for the execution and enforcement of laws, headed by the President.

Supreme Court

The highest federal court in the United States, consisting of nine Justices and holding the ultimate appellate jurisdiction over all U.S. federal court and state court cases concerning issues of federal law.

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