Which of the following statement about accrual accounting is not correct? a. Expenses are recorded only when

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Which of the following statement about accrual accounting is not correct?

a. Expenses are recorded only when cash is paid and cash from revenues received.

b. Expenses are recorded when incurred irrespective of whether cash is paid.

c. Revenues are recorded when earned irrespective of whether cash is received.

d. Recording of the economic events affecting the financial statements of the company is done in the period during which these events occur.

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Principles Of Islamic Accounting

ISBN: 9781119023296

1st Edition

Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim

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Question Posted: Jan 31, 2024 04:00 AM

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Which of the following statement about accrual accounting is not correct? a. Expenses are recorded only when

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Principles Of Islamic Accounting

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