Which of the following statements is NOT true? Multiple Choice Accrual-basis net income is expected to be less volatile than cash-basis net income Nathan Co. has an accrual-basis income lower than cash-basis income in its first year of operation: $60,000 cash was collected from customers, $20,000 cash was paid on the first day of operations for 2 years of rent, accounts receivable at year-end was $10,000 (with zero estimated bad debts) Timo Co.'s revenue is higher on accrual basis than on cash basis this year: $80,000 cash was collected from customers, and accounts receivable at year-end was $50,000 (with zero estimated bad debts and beginning balance of $10,000) Cash-basis accounting recognizes revenue when the company receives cash and expense when the company pays out cash