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Which of the following statements about accrual basis accounting is not correct? It uses the revenue recognition principle. It uses the expense recognition principle. It
Which of the following statements about accrual basis accounting is not correct?
It uses the revenue recognition principle. | ||
It uses the expense recognition principle. | ||
It is required for external accounting reports. | ||
It requires the timing of cash receipts be in the same period as revenues are recognized. |
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