On an accrual basis income statement,revenues equal cash receipts and expenses equal cash expenditures.

Name: On an accrual basis income statement,revenues equal cash receipts and expenses equal cash expenditures.
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Quizplus · Accepted Answer

On an accrual basis income statement, revenues and expenses are recognized when they are earned or incurred, regardless of whether cash has been received or paid. Therefore, revenues and expenses may not necessarily equal cash receipts and expenditures.

On an Accrual Basis Income Statement,revenues Equal Cash Receipts and Expenses