Question: TRUE OR FALSE? 1. Consistent with the going concern concept, land will be revalued for increases or decreases in market value. 2. The accrual basis

TRUE OR FALSE?

1. Consistent with the going concern concept, land will be revalued for increases or decreases in market value.

2. The accrual basis of accounting is designed to avoid misleading income statement results that could otherwise result from the timing of cash receipts and payments.

3. Accrual accounting does NOT require that the accounting records be updated prior to preparing financial statements

4. Income that cannot be associated definitely with operations, such as a gain from the sale of a fixed asset, is listed as Other Income on the multiple-step income statement.

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