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6 Nov 2018
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'.
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'.
Bunny GreenfelderLv2
7 Nov 2018
Related questions
Which of the following statements about the cash basis ofaccounting is correct?
It can lead to a distorted view of the company's financialperformance. | ||
It is the only acceptable method for external reporting. | ||
It reports revenues when earned and expenses when incurred. | ||
It is used when cash is paid at the same time as the cost isincurred, but is not used when cash is paid before the expense isincurred. |
