. 24. Which of the following statements about accrual accounting is FALSE? A. Accrual accounting is based on cash flows that occur during the accounting period. B. Accrual accounting is based on the matching of expenses with revenues generated by those expenses. C. Accrual accounting aims to describe the economic activity of the firm, which goes beyond a simple transactional accounting of inflows and outflows in a period. 25. A firm has had the following numbers of shares outstanding during the year: Based on this information, what is the weighted number of shares outstanding for the year? Beginning of year 10,000,000 shares Issued on April 1 500,000 shares Split 2 for 1 on July 1 Issued on October 1 100,000 shares Split 2 for 1 on December 31 A) 41,550,000 B) 20,780,000 C) 42,400,000 26. A firm has a receivables turnover of 10, an inventory turnover of 5, and a payables turnover of 12. What is the closest to the firm's cash conversion cycle? A) 79 days. B) 37 days. C) 73 days. 27. Compared to the completed contract method, the percentage of completion method has what effect on cash flows and earnings volatility, respectively? A: Higher, lower B: Same, higher C: Same, lower hin which in the firm's only