a. How have modern accounting systems made a difference in modern organizations?
b. Cash vs. accrual: Is there a difference in recognizing transactions?
c. Why are accurate financial statements important for outside business interests?
d. How does depreciation accounting help the firm manage equipment investment costs and taxes?
e. How should the following types of current liabilities be accounted for? Include in your discussion examples of each type of current liability.
1. Current liabilities of known amount
2. Current liabilities that must be estimated
3. Contingent liabilities
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