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GRAP 1 applies to all general-purpose financial statements presented under the accrual basis of accounting....

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Accounting

GRAP 1 applies to all general-purpose financial statements presented under the accrual basis of accounting. What does accrual basis of accounting mean?
Recording accounting transactions for revenue and expenses before the corresponding cash is received
Recording accounting transactions for revenue when earned
Recording accounting transactions for revenue when earned and expenses when incurred.
Recording accounting transactions for revenue and expenses only when the corresponding cash is received, or payments are made
Recording accounting transactions

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