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Explain how the accrual accounting concept provides guidance to accountants in preparing the income statement and calculating profits.

Topic: Manual Assignment This assessment consists of 2 parts: Part 1. The business has the following opening balances: Additional Information:Cash At Bank $16,611 Bank loan interest rates (% per year) 8Account Receivable $16,248 Motor vehicle useful life (years) 3Motor Vehicle $30,316 Motor vehicle scrap value ($) 3,380Account Payable $8,787 Insurance paid for (months) 2Bank Loan […]

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