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1. The ______ basis of accounting measurement recognizes revenues

Resolved Question:

1. The ______ basis of accounting measurement recognizes revenues when resources are created as part of an organization ís operating activities.

2. The accrual basis of accounting is used because
       companies may create or use resources in a different period than when they receive or pay the cash associated with those resources
       it requires less time and effort than cash basis
       it recognizes the collection and payment of cash
       revenues are not recognized throughout the year

3. Which of the following is considered a liability?
       interest revenue
       unearned revenue
       sales revenue
       rent revenue

4. Office supplies of $900 were purchased on account to be used in future months. One part of the accounting entry to record this event in the accounting system would be to:
       increase assets by $900
       decrease assets by $900
       increase expenses by $900
Submitted: 8 years ago.
Category: Homework
Expert:  Manal Elkhoshkhany replied 8 years ago.

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