Which of the Following Is Correct Regarding Accrual Accounting

question 159

Multiple Choice

Which of the following is correct regarding accrual accounting?

• A)Adjusting the accounts is a technique used to accomplish accural accounting.
• B)Revenues are recorded when received.
• C)Expenses are recorded when earned.
• D)Net income is the difference between cash receipts from customers and cash payments for expenses.

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Definitions:

Teamwork Effect

refers to the combined effort of a group working together effectively to achieve common goals, often resulting in higher productivity and creativity.

Aberration

A departure from what is considered normal or expected, often referring to a deviation from a moral standard or normal state.

Elusive

Hard to find, catch, or achieve; difficult to remember or define.

Team Diversification

The process of ensuring a team comprises individuals with varied backgrounds, skills, and perspectives.