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1. The requires that companies recognize revenue in the accounting period in which the performance obligation is satisfied. 2. dictates that efforts (expenses) be recognized

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1. The requires that companies recognize revenue in the accounting period in which the performance obligation is satisfied. 2. dictates that efforts (expenses) be recognized with results (revenues) in the period when the company makes efforts to generate those revenues. 3. Accrual-basis accounting means 4. Why are adjusting entries needed? 1

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