Which of the following expenses has no effect on the cash flow of a firm? O salaries expense O interest expense O depreciation expense O cost of goods sold Question 16 (1 point) The accounting basis that attempts to measure performance in the period in which it occurred is the O approval basis. O cash basis. O matching basis. O accrual basis. Question 17 (1 point) Under the accrual basis of accounting, expenses are O always paid in cash. O recorded only when paid. O recorded when incurred. O only relevant for the determination of net income. Question 18 (1 point) The asset that results from the payment of expenses in advance is O Accounts receivable. O Short-term investments. O Inventory. O Prepaid expense. The asset that results when a customer buys goods or services on credit is O Accounts receivable. O Accounts payable. O Notes receivable. O Cash. Question 20 (1 point) Information that has been determined based on the best information available using the correct process and with an adequate explanation provided is an example of which fundamental characteristic? O neutral O faithful representation O timeliness