36) The accrual basis of accounting: 8 of 16, A) Is generally accepted for external reporting because it is more useful than cash basis f or most business decisions. B) Is flawed because it gives complete information about cash flows. C) Recognizes revenues when received in cash. D) Recognizes expenses when paid in cash. E) Eliminates the need for adjusting entries at the end of each period. 37) The differens