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26 Nov 2019

generally accepted accounting principles allowscompanies to issue financial statements using either the cash basisof accrual basis of accounting dependent on their needs

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Related questions

Governmental fund statements are prepared using:

A.

Economic resources measurement focus and modified accrual basisof accounting.
B.

Current financial resources measurement focus and modifiedaccrual basis of accounting.
C.

Current financial resources measurement focus and accrual basisof accounting.
D.

Economic resources measurement focus and accrual basis ofaccounting

Which of the following statements about accrual-basis accounting is true?

a. Accrual-basis accounting recognizes revenues when they are received in cash.

b. Accrual-basis accounting is optional under generally accepted accounting principles.

c. Accrual-basis accounting recognizes expenses when they are incurred.

d. Accrual-basis accounting follows the fiscal year assumption.

Generally accepted accounting principles require that companies use the ____ of accounting.

a. Cash basis

b. Deferral basis

c. Accrual basis

d. Account basis

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