Answered

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Which of the following is not a characteristic of the Oa. The accrual basis of accounting supports the O b. Revenues and expenses are reported in the accrual basis of accounting? matching concept. period in which cash is received or paid. C. Expenses are reported in the same period as the revenues to which they relate. O d. Revenues are reported on the income statement in the period in which they are earned.

Sagot :

The time in which cash is received or paid is when revenues and costs are reported. As a result, choice A is accurate.

Revenues and expenses are reported in the period in which cash is received or paid under the cash basis of accounting, not the accrual basis.

According to the accrual foundation of accounting, regardless of when cash is received or paid, revenues and expenses should be shown in the income statement in the period they are earned or incurred. The matching idea of accounting, which asserts that expenses should be recorded at the same time as their associated expenses are incurred, is likewise supported by this.

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The correct question is:

Which of the following is not a characteristic of the accrual basis of accounting?

A. Revenues and expenses are reported in the period in which cash is received or paid.

B. Revenues are reported in the income statement in the period in which they are earned.

C. Supports the matching concept.

D. All are correct

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