When Using Accrual Basis Accounting, Financial Statement Preparers Must A)

question 113

Short Answer

When using accrual basis accounting, financial statement preparers must a) provide a supplementary note detailing that accrual accounting has been used.
B) state within a note that cash basis accounting is not acceptable under GAAP.
C) provide no supplementary note because the underlying assumption is that accrual basis of accounting is used on all financial statements.
D) none of the above.

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