Multiple Choice
Which of the following concepts is important to accrual accounting?
A) Time period, because accrual accounting divides earnings into time periods.
B) Market basis, because inflation is a big factor in the environment.
C) Cash basis, because if cash is not received, revenue is not accrued.
D) Entity concept, because personal transactions must be separated from business transactions.
Correct Answer:
Verified
Correct Answer:
Verified
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