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Question

Which of the following statements about the accrual 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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