Vanguard Company Uses Accrual Accounting

question 149

Short Answer

Vanguard Company uses accrual accounting.Indicate whether each of the following statements regarding Vanguard's accounting system is true or false.
_____ a)The recognition of accounting events and the realization of cash consequences must occur in different accounting periods.
_____ b)The cash consequence of a transaction sometimes precedes its accounting recognition.
_____ c)Expenses may either be matched to revenues they produce or to periods in which they are incurred.
_____ d)Vanguard may record accrual transactions,but may not record deferral transactions.
_____ e)Vanguard is not permitted to make cash sales.

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Definitions:

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