Question: Answer for question 7 and 8 Question 7 (1 point) Under generally accepted accounting principles (GAAP), the income statement measures accrual income over a period

Answer for question 7 and 8

Question 7 (1 point) Under generally accepted accounting principles (GAAP), the income statement measures accrual income over a period of time cash income at a point in time O cash income over a period of time accrual income at a point in time Question 8 (1 point) Retained earnings is all past net incomes plus all cash raised from selling shares minus all dividends declared equal to the balance on the company's cash account all past net incomes or earnings minus all dividends declared

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