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List and briefly discuss three accounting concepts and principles that apply to accrual basis accounting.
Acid-Test Ratio
An economic indicator assessing the capability of a business to fulfill its immediate liabilities using its most liquid assets, without counting inventory.
Accounts Receivable Turnover
A financial ratio that measures how efficiently a company collects revenue from its credit customers.
Current Ratio
A measure of a company’s capability to settle short-term debts using its current assets.
Acid-Test Ratio
A stringent indicator of a company's short-term liquidity, calculated by dividing liquid assets by current liabilities, excluding inventory from assets.
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