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H3Ko H3Ko
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7 years ago
Which of the following statements is true of accrual basis accounting?
A) Accrual basis accounting records revenue only when cash is received.
B) Accrual basis accounting always results in greater net income than cash basis accounting.
C) Accrual basis accounting records expenses only when cash has been paid for them.
D) Accrual basis accounting is required by Generally Accepted Accounting Principles (GAAP).
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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7 years ago
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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#3
7 years ago
I'm liking this Slight Smile
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