Which of the following statements about the accrual

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

Undertheaccrualbasisofaccountingrevenueisrecognizedwhenitisearnedregardlessofwhetherornotcashhasbeenreceived

basis of accounting is true?

A The accrual basis of accounting records financial transactions only when cash is received or paid out.

B The accrual basis of accounting records financial transactions when revenue is earned or expenses are incurred, regardless of when cash is received or paid out.

C The accrual basis of accounting records financial transactions when cash is received or paid out, regardless of when revenue is earned or expenses are incurred.

D The accrual basis of accounting is used exclusively by non-profit organizations.

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Which of the following statements about the accrual

Solution