In accounting, identify
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In accounting, identify and explain the purpose of the two types of deferrals and two types of accruals.
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- State and briefly explain any three distinguishing features between (i) a receipts and payments account and (ii) an income and expenditure accountDistinguish between Income and Expenditure Account and Receiptand Payment Account.Discuss the concept of matching principle and its significance in determining the timing of revenue and expense recognition.
- a) Please give a different example of accruals, and write a numeric example for it with accounting entries. b) Please classify differences between accrued expenses, payables, and provisions. Give an example for each one.In which of the following types of accounts are increases recorded by credits? A. revenues and liabilities B. drawing and assets C. expenses and liabilitiesAccrual accounting is defined as follows:
