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Which one of these statements about the accrual basis of accounting is false? a. Companies record events that change their financial statements in the period
Which one of these statements about the accrual basis of accounting is false?
a. Companies record events that change their financial statements in the period in which events occur, even if cash was not exchanged.
b. Companies recognize revenue in the period in which the performance obligation is satisfied.
c. This basis is in accord with generally accepted accounting principles.
d. Companies record revenue only when they receive cash, and record expenses only when they pay out cash.
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Accrual basis is a means of reporting revenueonearned accounting transactions and expend...
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