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At the time the transaction occurred, which of the following would result in an increase in net income under the accrual basis of accounting, but would not result in an increase in net income under cash basis accounting? O a. receipt of cash for services that were performed earlier on account O b. use of supplies purchased earlier O C. purchase of supplies for cash O d. performance of services on account

At the time the transaction occurred, which of the following would result in an increase in net income under the accrual basis of accounting, but would not result in an increase in net income under cash basis accounting? O a. receipt of cash for services that were performed earlier on account O b. use of supplies purchased earlier O C. purchase of supplies for cash O d. performance of services on account

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.42 points Save Answer At the time the transaction occurred, which of the following would result in an increase in net income under the accrual basis of accounting, but would not result in an increase in net income under cash basis accounting? O a. receipt of cash for services that were performed earlier on account O b.use of supplies purchased earlier O C. purchase of supplies for cash Yealink O d. performance of services on account 03.44
Transcribed Image Text:1.42 points Save Answer At the time the transaction occurred, which of the following would result in an increase in net income under the accrual basis of accounting, but would not result in an increase in net income under cash basis accounting? O a. receipt of cash for services that were performed earlier on account O b.use of supplies purchased earlier O C. purchase of supplies for cash Yealink O d. performance of services on account 03.44
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