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Unformatted text preview: Accrual Revenue (+) Expenses (-) Difference is Net Income (NI) Income Statement Depreciation is the allocation, or the adjusting entry to record a deferral. Has nothing to do with market value. Chapter 4 Controls are important because they can confirm accounting accuracy. Internal auditing can also take place to ensure accuracy before problems arise. Closing of the accounts is the accounting cycle....
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This note was uploaded on 06/08/2008 for the course BA 212 taught by Professor Krislen-adams during the Spring '08 term at Linn Benton Community College.
- Spring '08