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January 2021

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ContentFinancial and Managerial AccountingDisadvantages of Accrual Basis of AccountingSteps in the Matching Principle Commonly Followed by AccountantsRealized RevenueThe Cost Principle GAAP guides the reporting process in order to produce fairly presented financial statements that can be understood by all decision makers around the world. Assume further that this company already has the account balances presented in Figure