Adjustments Are Necessary Only If

question 172

Multiple Choice

Adjustments are necessary only if

• A)the cash basis of accounting is used for all accounting periods.
• B)cash receipts and payments occur before or after the point in time when revenues and expenses should be recognized under the accrual basis of accounting.
• C)management reports its adjustments on the statement of cash flows.
• D)the company reports revenue in the same period cash is collected.

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Definitions:

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The condition under which an entity's or individual's authority or ability to make decisions will come to an end.

False Claims

Assertions or statements made that are not true, which can pertain to products, services, or legal testimony.

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A person tasked with acquiring goods or services for their organization or client.

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laws and guidelines designed to protect public health by ensuring the cleanliness of water, food, and living environments.