An expense occurred in 2016, and it is not paid until 2017. Using cash-basis accounting, the expense should appear on:
A) the 2016 income statement.
B) the 2017 income statement.
C) whichever income statement the business prefers.
D) both the 2016 and 2017 income statements.
Correct Answer:
Verified
Q4: Accrual accounting records the impact of both
Q6: Under accrual accounting,revenue is recorded:
A)when the cash
Q7: Which of the following is a CORRECT
Q13: Cash-basis accounting is a more faithful representation
Q14: The _ basis of accounting records revenues
Q16: A doctor performed surgery in March and
Q19: An expense occurred in 2016, but it
Q28: An interim period used for reporting purposes
Q31: Cash-basis accounting does NOT record:
A)receipt of cash
Q33: The expense recognition principle states that expenses
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