Which of the following statements concerning accrual accounting is correct? ...
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Accounting
Which of the following statements concerning accrual accounting is correct?
| Expenses are recognized in the period in which the consumption of costs can be measured in a faithful, verifiable manner. | ||
| Profit is the excess of cash inflows from income over cash outflows for expenses. | ||
| Income from sales is recognised in the period when the cheque is cashed. | ||
| For most businesses the cash approach gives a better measure of economic performance than does the accrual approach. | ||
| None of the above. |
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