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Which of the following is true under the accrual basis of accounting? a) Revenues are recorded when cash is received b) Expenses are recorded when cash is paid c) Assets and liabilities are recorded on a cash basis d) Revenues and expenses are recorded when they are earned or incurred

Which of the following is true under the accrual basis of accounting? a) Revenues are recorded when cash is received b) Expenses are recorded when cash is paid c) Assets and liabilities are recorded on a cash basis d) Revenues and expenses are recorded when they are earned or incurred

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 3MC: Revenues and expenses must be recorded in the accounting period in which they were earned or...
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Which of the following is true under the accrual basis of accounting? a) Revenues are recorded when cash is received b) Expenses are recorded when cash is paid c) Assets and liabilities are recorded on a cash basis d) Revenues and expenses are recorded when they are earned or incurred
Transcribed Image Text:Which of the following is true under the accrual basis of accounting? a) Revenues are recorded when cash is received b) Expenses are recorded when cash is paid c) Assets and liabilities are recorded on a cash basis d) Revenues and expenses are recorded when they are earned or incurred
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