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Which of the following statements is correct regarding accrual basis and cash basis accounting? A. Cash basis accounting best represents the economic substance of the

Which of the following statements is correct regarding accrual basis and cash basis accounting?

A. Cash basis accounting best represents the economic substance of the underlying activities.

B. Cash basis accounting is generally required for public companies.

C. Accrual basis accounting and cash accounting are basically the same.

D. Accrual basis accounting is generally required for public companies.

E. None of the answers are correct.

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