Kenyon Company Uses Accrual Accounting

Short Answer

Kenyon Company uses accrual accounting. Indicate whether each of the following statements regarding Kenyon's accounting system is true or false.
_____ a) The recognition of accounting events and the realization of cash consequences may occur in different accounting periods.
_____ b) The cash consequence of a transaction always precedes its accounting recognition.
_____ c) Expenses may either be matched to revenues they produce or to periods in which they are incurred.
_____ d) Kenyon may record accrual transactions, but may not record deferral transactions.
_____ e) Kenyon is not permitted to make cash sales.