Which of the following statements about accrual-basis accounting is true? A : Accrual-basis accounting recognizes expenses when they are incurred. B : Accrual-basis accounting follows the fiscal year assumption. C : Accrual-basis accounting recognizes revenues when they are received in cash. D : Accrual-basis accounting is optional under generally accepted accounting principles.
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Home » Social Studies » Which of the following statements about accrual-basis accounting is true? A : Accrual-basis accounting recognizes expenses when they are incurred. B : Accrual-basis accounting follows the fiscal year assumption.