Which of the following statements about the accrual basis of accounting is false? (a) Events that change
Question:
Which of the following statements about the accrual
basis of accounting is false?
(a) Events that change a company’s financial statements are recorded in the periods in which the events occur.
(b) Revenue is recognized in the period in which services are performed.
(c) This basis is in accordance with generally accepted accounting principles.
(d) Revenue is recorded only when cash is received, and expense is recorded only when cash is paid.
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Related Book For
Financial Accounting
ISBN: 9781119298229,9781119305842
10th Edition
Authors: Jerry J. Weygandt , Donald E. Kieso , Paul D. Kimmel
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