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1- Which steps in the accounting cycle require the most thought and judgment by the accountant:
- analyzing and recording transactions
- preparing a trial balance, or
- preparing and posting adjusting entries?
Explain your answer ( cite your sources.)
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2-When a company has positive net income, does that also mean they have positive cash flows? What is more important to a company – positive cash flow or net income? Is this true for both the long term and short term? ( cite your sources.)
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