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April 25, 2020 at 10:53 am
I THOUGHT CASH BASIS IGNORES PAYABLE AND RECEIVABLES …WHY WAS DEDUCTED AGAIN
June 29, 2020 at 2:28 pm
@dapo11 It is because payables and receivables involve cash, they are cash outflows and inflows respectively. Think of it in terms of the statement of cash flows, and apply the basic concepts of cash flow items, in relation to tax, as regards the topic presented in this particular lecture.
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