Under Philippine Financial Reporting Standards A. the cash basis of accounting is accepted. B. events are recorded in the period in which the event occurs. C. net income will be lower under the cash basis than accrual basis accounting. D. all of the choices are correct.

Under Philippine Financial Reporting Standards A. the cash basis of accounting is accepted. B. events are recorded in the period in which the event occurs. C. net income will be lower under the cash basis than accrual basis accounting. D. all of the choices are correct.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 3MC: Revenues and expenses must be recorded in the accounting period in which they were earned or...

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Question

B59. Under Philippine Financial Reporting Standards

A. the cash basis of accounting is accepted.
B. events are recorded in the period in which the event occurs.
C. net income will be lower under the cash basis than accrual basis accounting.
D. all of the choices are correct.

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