Accounting being an information system follows basic accounting concepts or principles also known as the InternationalAccounting Standards.O TrueO False ABC Company records revenues from the sale of its merchandise immediately at time these goods were fully delivered tocustomers rather than waiting until cash is collected from them. This follows the revenue recognition principle.O TrueO False

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Accounting being an information system follows basic accounting concepts or principles also known as the Internation Accounting Standards. O True O False

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Accounting being an information system follows basic accounting concepts or principles also known as the International
Accounting Standards.
O True
O False

ABC Company records revenues from the sale of its merchandise immediately at time these goods were fully delivered to
customers rather than waiting until cash is collected from them. This follows the revenue recognition principle.
O True
O False

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