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YEAR 12 ACCOUNTING ACCRUAL ACCOUNTING (ES8)Accountants and accounting practices comply with standards to ensure the credibility of the profession and financial information produced. Two categories
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Accrual accounting ES8 is a method of accounting that records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.
Businesses that exceed a certain revenue threshold are required to file accrual accounting ES8.
Accrual accounting ES8 can be filled out by using accounting software or by hiring a professional accountant.
The purpose of accrual accounting ES8 is to provide a more accurate picture of a business's financial performance by matching revenues and expenses to the period in which they occurred.
Accrual accounting ES8 requires reporting of revenues, expenses, assets, liabilities, and equity.
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