17) Describe the accrual basis of accounting. 18) Explain why adjustments are needed at the end of each accounting period. 19) Explain the difference between accruals and deferrals. 20) How...

17) Describe the accrual basis of accounting.

18) Explain why adjustments are needed at the end of each accounting period.

19) Explain the difference between accruals and deferrals.

20) How is net income calculated and on what financial statement(s) is it reported?