Under Accrual-Basis Accounting

question 146

Multiple Choice

Under accrual-basis accounting,

• A)cash must be received before revenue is recognized.
• B)net income is calculated by matching cash outflows against cash inflows.
• C)events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.
• D)the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.

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Definitions:

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