Which of the following regarding accrual versus cash-basis accounting is true? Application of the cash...
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Accounting
Which of the following regarding accrual versus cashbasis accounting is true? Application of the cash basis results in an income statement reporting only revenues. The FASB believes the cash basis is appropriate for some smaller companies, especially those in the service industry. The cash basis requires a complete set of doubleentry records. The cash basis is less useful in predicting the timing and amounts of future cash flows of an enterprise.
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