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Which of the following statements is correct? (Points : 5) Under the accrual basis of accounting, revenue is recorded in the period in which it is earned. Under the accrual basis of accounting, expenses are recorded in the period in which they are incurred. Both of the above statements are correct. Neither of the above statements is correct
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Asked 1/18/2013 2:14:16 PM
Updated 11/16/2014 11:22:20 AM
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User: Which of the following statements is correct? (Points : 5) Under the accrual basis of accounting, revenue is recorded in the period in which it is earned. Under the accrual basis of accounting, expenses are recorded in the period in which they are incurred. Both of the above statements are correct. Neither of the above statements is correct

Weegy: Under the accrual basis of accounting, revenue is recorded in the period in which it is earned.
OxTornado007|Points 6559|

Question
Asked 1/18/2013 2:14:16 PM
Updated 11/16/2014 11:22:20 AM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by debnjerry [11/16/2014 11:22:20 AM]
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Under the accrual basis of accounting, revenue is recorded in the period in which it is earned. Under the accrual basis of accounting, expenses are recorded in the period in which they are incurred. BOTH OF THE ABOVE STATEMENTS ARE CORRECT.
Added 11/16/2014 11:22:18 AM
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