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Horngren’s Accounting,11e (Miller-Nobles)
- Exam (elaborations) • 112 pages • 2023
-
- $10.99
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) The major difference between a cash basis accounting system and an accrual basis accounting 
system is the timing of recording revenues and assets. 
Answer: FALSE 
Diff: 1 
LO: 3-1 
AICPA Functional: Measurement 
PE Question Type: Concept 
H2 : What Is the Difference Between Cash Basis Accounting and Accrual Basis Accounting? 
(H1) 
2) Recipes, Inc. purchased $2,000 of supplies on account. Under the accrual basis of accounting, 
no entry is made until the amount is paid. 
Answer: FALSE 
Diff: ...
-
Horngren’s Accounting,11e (Miller-Nobles)
- Exam (elaborations) • 112 pages • 2023
-
- $10.49
- + learn more
) The major difference between a cash basis accounting system and an accrual basis accounting 
system is the timing of recording revenues and assets. 
Answer: FALSE 
Diff: 1 
LO: 3-1 
AICPA Functional: Measurement 
PE Question Type: Concept 
H2 : What Is the Difference Between Cash Basis Accounting and Accrual Basis Accounting? 
(H1) 
2) Recipes, Inc. purchased $2,000 of supplies on account. Under the accrual basis of accounting, 
no entry is made until the amount is paid. 
Answer: FALSE 
Diff: ...
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