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How are revenues and expenses recognized under the accrual basis of accounting? Revenues are recognized...

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Accounting

How are revenues and expenses recognized under the accrual basis of accounting?
Revenues are recognized when cash is received and expenses are recognized when cash is paid.
Revenues are recognized in the accounting period they are earned and expenses are recognized when cash is paid.
Revenus are recognized in the accounting period when cash is received and expenses are recognized in the period in which they
relate to the sale of the product.
Revenues are recognized in the accounting period they are earned and expenses are recognized using the matching principle.
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