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How many of the following statements regarding the Revenue Recognition and Matching Principles are true? According to the Revenue Recognition Principle, a company should record
How many of the following statements regarding the Revenue Recognition and Matching Principles are true?
According to the Revenue Recognition Principle, a company should record revenue when a service or product is provided, regardless of when cash is received.
The Matching principle requires that expenses be matched to the period in which they help to produce revenue.
If payment is received at the time a service is provided, there is no difference between how cash and accrual accounting record the transaction.
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