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28 Sep 2019
Under accrual-basis accounting
A. events that change a company's financial statements arerecognized in the period they occur rather than in the period inwhich cash is paid or received.
B. net income is calculated by matching cash outflows against cashinflows.
C. the ledger accounts must be adjusted to reflect a cash basis ofaccounting before financial statements are prepared under generallyaccepted accounting principles.
D. cash must be received before revenue is recognized.
Under accrual-basis accounting
A. | events that change a company's financial statements arerecognized in the period they occur rather than in the period inwhich cash is paid or received. | |
B. | net income is calculated by matching cash outflows against cashinflows. | |
C. | the ledger accounts must be adjusted to reflect a cash basis ofaccounting before financial statements are prepared under generallyaccepted accounting principles. | |
D. | cash must be received before revenue is recognized. |
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Tod ThielLv2
28 Sep 2019
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