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Question 5 (1 point) 24 Listen How are revenues and expenses recognized under the accrual basis of accounting? 27 Revenues and expenses are recognized equally over a twelve month period. Revenues and expenses are recognized based on the choices of management. Revenues are recognized when cash is received and expenses are recognized when cash is paid. Revenues are recognized in the accounting period when the sale is made and expenses are recognized in the period in which they relate to the sale of the product