3. The expense recognition states that a. expenses are only recognized when cash is outlayed for goods, material, or assets. b. expenses are to be recorded in the books and records in the same accounting period as the revenues to which they pertain. c. all expenses are to be recognized as liabilities (i.e., balance sheet items) initially upon expenditure. d. expenses are to be entered into the books and records when cash is received by an organization. 4. What does the FASB Codification do for accounting? a. It establishes responsibilities of various rulepronouncing bodies within accounting. b. It creates a single level of GAAP which is considered authoritative. c. It assigns codes to various accounting literature that may be (but does not have to be) considered authoritative. d. It creates multiple levels of authoritative literature considered to be GAAP