ACCT 101 Saudi Electronic University Accrual Basis & Income Statement Questions – Assignment Help

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Q: What is the accrual basis of accounting? When should revenue and expense be recognized in the accrual basis? Provide an example.

Q: On your own words, explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019(2 Marks)

Consulting revenue

SAR70,000

Rental revenue

30,000

Supplies expense

5,000

Rent expense

20,000

Wages expense

30,000


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