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Questions and Answers
Under accrual-basis accounting, when are assets recorded?
Under accrual-basis accounting, when are assets recorded?
- At the time those resources are obtained (correct)
- At the time obligations occur
- At the time goods and services are provided to customers
- At the end of the year
When are liabilities recorded under accrual-basis accounting?
When are liabilities recorded under accrual-basis accounting?
- At the time obligations occur (correct)
- At the time goods and services are provided to customers
- At the end of the year
- At the time those resources are obtained
When are revenues recorded under accrual-basis accounting?
When are revenues recorded under accrual-basis accounting?
- At the time goods and services are provided to customers (correct)
- At the end of the year
- At the time obligations occur
- At the time those resources are obtained
When are expenses recorded under accrual-basis accounting?
When are expenses recorded under accrual-basis accounting?
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What is the purpose of the closing process in the accounting cycle?
What is the purpose of the closing process in the accounting cycle?
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