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Which of the following statements is correct with regard to cash-basis accounting? Cash-basis accounting is required by GAAP. Cash-basis accounting does not record any expenses
Which of the following statements is correct with regard to cash-basis accounting?
Cash-basis accounting is required by GAAP. Cash-basis accounting does not record any expenses until they are paid. Cash-basis is never allowed by the IRS. Cash-basis accounting records revenue when the product is shipped.
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