Remaining Time: 34 minutes, 50 seconds. Question Completion Status: c. Relevance. O d. Matenalty. QUESTION 23 Accrual accounting is used because G) a. cash flows are considered less important. o b. it provides a better indication of a company's ablity to generate cash flows than the cash bass o c. it recognizes revenues when cash is received and expenses when cash is paid od. it provides past ability to generate negative cash flows QUESTION 24 If the LIFO inventory method was used last period, it should be used for the current and following periods because of b. materiality. c. verifiablity. consistency. QUESTION 25 Which of the following organizations has been responsible for setting U.S accounting standards? a. All of the answer choices are comect The Committee on Accounting Proced/e. C The Financal Accounting Standards Board. d. The Accounting Prinoiples Board. op