3. One of the following statements about the accrual basis of accounting is false. That statement is:

Question:

a. Events that change a company’s financial statements are recorded in the periods in which the events occur.

b. Revenue is recognized in the period in which it is earned.

c. This basis is in accord with generally accepted account¬

ing principles.

d. Revenue is recorded only when cash is received, and expense is recorded only when cash is paid.

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