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Which of the following is true of accrual basis accounting and cash basis​ accounting?

a. Accrual accounting records revenue only when it is earned

b. Accrual accounting is nor allowed under GAAP

c. Cash basis accounting records all transactions

d. All of the above are true

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Lelia Lubowitz
Lelia LubowitzLv2
7 Apr 2020

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9 The accrual basis of accounting records: a. Revenues when collected and expenses when paid b. Revenues when earned and expenses when paid c. Revenues when collected and expenses when incurred d. Revenues when earned and expenses when incurred e. None of the above The correct answer is 'd'.

Which of the following statements about accrual-basis accounting is not true?

a. It uses the revenue recognition principle.

b. It uses the expense recognition principle

c. It is required for external accounting reports.

d. It requires the timing of cash receipts to be in the same period as revenues are recognized.

Which of the following statements is true in regard to accrual accounting?

a. Revenue is recorded only when cash is received

b. Expenses are recorded when they are incurred.

c. Revenue is recorded in the period when it is earned.

d. Both b & c.

 

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