Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific...

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Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific...

Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific accounts are actually written off.

true or false

When the accrual basis of accounting is used, expenses are recognized only in the period during which they are paid.

true or false

Under the accrual basis of accounting, only income that has been earned appears on the income statement.

true or false

business accounting

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Answer 1

Answer #1

1) False

Under accrual basis of accounting, the expense for uncollectible accounts is estimated and recorded before specific accounts are actually written off.

2) False

Under accrual basis of accounting, expenses are recognised and recorded in the period in which they are incurred, regardless of whether they are actually paid or not.

3) True

Under accrual basis of accounting, incomes are recognised and recorded in the period in which they are earned, regardless of whether they are actually received or not.

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Answer 2

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