【正文】
Ine and expenses are included in the ine statement of the period in which they are earned or incurred, not received or paid. Example 1 Invoice Date Date Paid Amount Purchases $ 100 200 Sales 300 4 . 400 What is profit for May? (Cash basis and Accruals basis) How about the statement of financial position as at 31 May 2021? End of Topic 1