Which sentence is incorrect? Select one: a. According to the GAAP in Accrual-Basis Accounting, companies recognise revenues when they perform for their services. b. The Accrual and Cash-basis accounting are in accordance with generally accepted accounting principles. c. In the Accrual-Basis Accounting, expenses are recognized when incurred. d. IFRS & GAAP use the same process for recording transactions.
Which sentence is incorrect? Select one: a. According to the GAAP in Accrual-Basis Accounting, companies recognise revenues when they perform for their services. b. The Accrual and Cash-basis accounting are in accordance with generally accepted accounting principles. c. In the Accrual-Basis Accounting, expenses are recognized when incurred. d. IFRS & GAAP use the same process for recording transactions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which sentence is incorrect?
Select one:
a. According to the GAAP in Accrual-Basis Accounting, companies recognise revenues when they perform for their services.
b.
The Accrual and Cash-basis accounting are in accordance with generally accepted accounting principles.
The Accrual and Cash-basis accounting are in accordance with generally accepted accounting principles.
c.
In the Accrual-Basis Accounting, expenses are recognized when incurred.
In the Accrual-Basis Accounting, expenses are recognized when incurred.
d. IFRS & GAAP use the same process for recording transactions.
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