Which of the following statement is FALSE? Expense recognition principle is used under cash basis accounting Momo co, paid $4,000 for 4 month rent fie. Sep-Dec.). At the end of Sep, the company should recognize $1000 of rent expense under accrual basis. Revenue recognition principle is for accrual basis accounting ABC Co. sold $200,000 of produces on credit. They would not recognize revenue, if they use cash basis accounting