Which of the following is true of accrual basis accounting and cash basis accounting?

A$.$ Accrual accounting records revenue only when it is earned.

B$.$ Cash basis accounting records all transactions.

C$.$ Accrual accounting is not allowed under GAAP.

D$.$ All of the above are true.

Which characteristic of a corporation is a disadvantage?

A$.$ Mutual agency

B$.$ Double taxation

C$.$ Limited liability

D$.$ None are disadvantages.

Which characteristic of a corporation is a disadvantage?

A$.$ Mutual agency

B$.$ Double taxation

C$.$ Limited liability

D$.$ None are disadvantages.