Which of the following outflows would be recorded the same way under both modified accrual and full
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Question:
Which of the following outflows would be recorded the same way under both modified accrual and full accrual? (By “the same”, I mean that one would record the same amount as an expenditure that the other records as an expense.)
a | Payment of $1 million for a new building | |
b | Payment one week after the end of the fiscal year for salaries earned during that year. | |
c | Depreciation on a building | |
d | Payment of $1 million to pay principal on an outstanding long-term loan |
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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