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Which of the following is not true?

Which of the following is not true?

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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Subject- accounting

6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to another D) Primary use of cash basis accounting is reporting of income to IRS 6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to HOT another D) Primary use of cash basis accounting is reporting of income to IRS
Transcribed Image Text:6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to another D) Primary use of cash basis accounting is reporting of income to IRS 6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to HOT another D) Primary use of cash basis accounting is reporting of income to IRS
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