An accrual is a transaction in which the action comes after the exchange of cash.
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Q7: Revenue earned on the income statement will
Q8: The term accounts receivable is used to
Q9: Making an adjustment for a transaction in
Q10: The revenue recognition principle requires that revenue
Q11: A deferral is a transaction in which
Q13: The income statement is sometimes called the
Q14: An accrual is _.
A)a transaction in which
Q15: Which of the following is a TRUE
Q16: Net income equals _.
A)revenues minus liabilities
B)assets minus
Q17: Explain the difference between accruals and deferrals.
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