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Which of the following is not true?

Which of the following is not true?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 12MCQ: Which of the following sentences regarding the statement of cash flows is false? The statement of...
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6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to another D) Primary use of cash basis accounting is reporting of income to IRS 6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to HOT another D) Primary use of cash basis accounting is reporting of income to IRS
Transcribed Image Text:6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to another D) Primary use of cash basis accounting is reporting of income to IRS 6. Which of the following is not true? A) Under the cash basis of accounting revenues are reported in the income statement in the period in which cash is received from customers B) Under the cash basis of accounting expenses are reported in the cash flow budget in the period in which cash is paid out C) Cash basis accounting allows farmers to shift sales and expenditures from one year to HOT another D) Primary use of cash basis accounting is reporting of income to IRS
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