Question: Please indicate whether the following statements are TRUE or FALSE: A. The accrual basis of accounting is optional for public companies. B. Revenue is recognized

Please indicate whether the following statements are TRUE or FALSE:

A. The accrual basis of accounting is optional for public companies.

B. Revenue is recognized when a customer places an order.

C. Financial accounting rules prohibit the use of estimates.

D. An accrual occurs when revenue has been earned or an expense has been incurred but has not been recorded.

E. Unearned revenue is an asset.

F. Accumulated depreciation is an asset account.

G. The income statement must be prepared before the balance sheet.

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