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Which of the following statements is true regarding accrual accounting? Multiple Choice Revenue is recorded only when cash is collected. Expenses are recorded when they

Which of the following statements is true regarding accrual accounting? Multiple Choice Revenue is recorded only when cash is collected. Expenses are recorded when they are incurred. Revenue is recorded in the period when it is earned and expenses are recorded when they are incurred. Revenue is recorded in the period when it is earned.

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