Which of the following is in accordance with generally accepted accounting principles?

a. Accrual-basis accounting

b. Cash-basis accounting

c. Both accrual-basis and cash-basis accounting

d. Neither accrual-basis nor cash-basis accounting

2) An accounting time period that is one year in length, but does not begin on January 1, is referred to as

a. a fiscal year.

b. an interim period.

c. the time period assumption.

d. a reporting period.

3) The revenue recognition principle dictates that revenue should be recognized in the accounting records

a. when cash is received.

b. when the performance obligation is satisfied.

c. at the end of the month.

d. in the period that income taxes are paid.