Under the accrual basis of accounting: O profit is calculated by matching cash outflows against cash inflows. O events that change an entity's financial statements are recognised in the period they occur rather than in the period in which cash is paid or received. the ledger accounts must be adjusted to reflect a clash basis of accounting before financial statements are prepared. cash must be received before revenue is recognised. o O Question 12 If we purchase 5,000 items of inventory for $33 each by cash (GST Inclusive), how much is the total amount recorded for CASH? $15,000 $16,500 $150,000 $165,000 einn Attempts