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Income Measurement & The Reporting Cycle
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This book is the second of fifteen books which introduces the basic principles of accounting. It introduces income measurement, basic elements of revenue and expense recognition, the adjusting process, depreciation, accruals. This book also introduces accrual versus cash basis accounting, the fundamental accounting equation, and four core financial statements. The Accounting cycle and closing process, reversing entries, classified balance sheet, and key ratios for assessing business liquidity are also introduced.