Incorrect Question 9 0/1 pts The system of preparing financial statements based on recording revenues when the cash is received and reporting expenses when the cash is paid is called: Accrual basis accounting. Operating cycle accounting. Cash basis accounting. Revenue recognition accounting. Current basis accounting. ect Question 8 0/1 pts The principle that requires expenses be recorded in the same period as the revenues that were recognized as a result of those expenses is the: Recognition principle. Cost principle. Cash basis of accounting. Expense recognition (Matching) principle. Time period principle