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Brilliant Accounting by Martin Quinn

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In God we trust, all others pay cash.

Anonymous

In Chapter 2, you’ve learned that goods are bought and sold on credit. Payment is made or received at some point in the future, and cash is received or paid at this point. You’ll learn in Chapter 9 that a business should plan its cash requirements, but from what you know at this point you might have noticed that the income statement and balance sheet, while including some cash, also include many items which are not cash per se. For example, trade receivables represent the amount of money owed ...

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