Question: Question 1 (1 point) Adjusting entries are needed every time financial statements are prepared. True False Question 2 (1 point) In the accrual basis of

Question 1 (1 point) Adjusting entries are needed every time financial statements are prepared. True False Question 2 (1 point) In the accrual basis of accounting, revenue is recognized when the cash for the transaction is received. True False Question 3 (1 point) Unearned revenue, a cash payment which has been received in advance, is recorded as an asset of the business True False

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