The following statements about the cash basis method of accounting are false, except: ...
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Accounting
The following statements about the cash basis method of accounting are false, except:
| The exchange of services may lead to gross income to both parties. | |
| Interest credited to a savings account is not taxed until withdrawn. | |
| Stock received for services rendered are taxed only in the year sold. | |
| Prepaid rent for a 3-year lease may be deducted currently. |
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