Which statement is true about Accrual-basis accounting based on the multiple statement below?:   a) results in companies recording transactions that change a company's financial statements in the period in which events occur b) has been eliminated as a result of the IASB/FASB joint project on revenue recognition c) is not consistent with the IASB conceptual framework d) is optional under IFRS

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter2: Financial Reporting: Its Conceptual Framework
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Which statement is true about Accrual-basis accounting based on the multiple statement below?:

 

a) results in companies recording transactions that change a company's financial statements in the period in which events occur

b) has been eliminated as a result of the IASB/FASB joint project on revenue recognition

c) is not consistent with the IASB conceptual framework

d) is optional under IFRS

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