Which of the following statements is not true? a.The modified cash basis method is the...
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Accounting
Which of the following statements is not true?
a.The modified cash basis method is the only method accepted for federal income tax purposes when recording an assurance-type warranty.
b.If a company has a gain contingency, it is not accrued because to do so might cause income to be recognized prior to realization.
c.U.S. GAAP requires that any costs associated with premiums be recognized as expenses in the period of sale.
d.U.S. GAAP allows companies to recognize warranty costs associated with an assurance-type warranty as an expense in the period the repairs are completed.
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