Which of the following statements is true of accrual basis accounting?
A) Accrual basis accounting is required by Generally Accepted Accounting Principles (GAAP).
B) Accrual basis accounting records expenses only when cash has been paid for them.
C) Accrual basis accounting records revenue only when cash is received.
D) Accrual basis accounting always results in greater net income than cash basis accounting.
A
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The budget period usually coincides with the _______________ period.
Fill in the blank(s) with the appropriate word(s).
Which statements regarding oil and gas limited partnerships are TRUE?
I. Developmental programs are more risky than exploratory programs. II. Exploratory programs are more risky than developmental programs. III. Successful developmental programs provide higher returns than exploratory programs. IV. Successful exploratory programs provide higher returns than developmental programs. A) I and IV. B) I and III. C) II and IV. D) II and III.