uestions Q/ 1. Signify "True" or "False" as applicable for each of the following items as they pertain to cash basis and accrual basis accounting. 1.1.Under cash basis accounting, revenues are recorded when earned. a)True b) False 1.2.Under cash basis accounting, expenses are recorded when incurred. a) True b) False 1.3.Under accrual basis accounting, cash must be received from customers in order for revenue to be recorded. a) True b) False 1.4.Under accrual basis accounting, expenses are recorded in the same period as the revenue they help generate. a) True b) False 1.5.The matching principle states that cash receipts should be matched with cash disbursements. a) True b) False 1.6.Both cash basis and accrual basis accounting are acceptable under GAAP as long as the basis selected is used consistently from period to period. a) True b) False