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The difference between accrual-basis accounting and cash-basis accounting is timing. Under accrual-basis accounting, we record revenues when we provide goods and services to customers, and we record expenses when costs are used in company operations.

a. True
b. False

Sagot :

Answer:

A. True

Explanation:

The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized. The cash method is a more immediate recognition of revenue and expenses, while the accrual method focuses on anticipated revenue and expenses.

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