94. Why is the cash basis of accounting not used when preparing general purpose financial statements? What is used instead? 95. Differentiate between an asset and an expense. Use the example of...

94. Why is the cash basis of accounting not used when preparing general purpose financial statements? What is used instead?

95. Differentiate between an asset and an expense. Use the example of a table and chairs and explain how each could be either an asset or an expense.