Which of the following statements is true? (a) GAAP-based financial statements are prepared according to the cash

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Which of the following statements is true?

(a) GAAP-based financial statements are prepared according to the cash basis of accounting.

(b) GAAP-based financial statements are prepared according to the accrual basis of accounting.

(c) GAAP-based financial statements may be prepared according to either the accrual or cash basis of accounting.

(d) GAAP-based financial statements must be prepared according to both the accrual and cash basis of accounting.

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