Blackboard A Remaining Time: 44 minutes, 40 seconds. Question Completion Status: QUESTION 27 Which of the following statements is CORRECT? Under accrual basis accounting, an expense is recorded only when cash is paid The major difference between a cash basis acounting system and an accrual basis accounting system is the timing of recording revenues and assets. Under cash basis accounting, revenue is recorded when it is eamed, regardless of when cash is received Generally accepted Accounting Principles (GAAP) require the use of the accrual basis of accounting QUESTION 28 Michael McNamee is the proprietor of a property management company, Apartment Exchange near the campus of Penscola State College. Which of the following situation matches the "Going concern assumption? The Apartment Exchange reports its financial statements in US dollars. The Apartment Exchange records fumiture of its cost of $9,000, not its market value of $13,000 Michael's personal assets are not recorded on the Apartment Exchange's balance sheet Michael expects the Apartment Exchange to remain in operations for the foreseeable future QUESTION 20 Which of the following have normal credit balance? Save All Anwens Click Save and Submit to see and subChek Save All Actors MacBook