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Which statement is false? GAAP requires financial reports be prepared using accrual accounting. Accrual based accounting records transactions in the period in which the transaction
Which statement is false?
GAAP requires financial reports be prepared using accrual accounting. | ||
Accrual based accounting records transactions in the period in which the transaction occurs. | ||
Applying accrual accounting results in a more accurate measure of profit for the period than cash based accounting. | ||
None, all statements are true. |
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