Which of the following is NOT true?Accrual accounting requires expenses to be recorded when they are incurred, whether or not they have beenpaid.O Unearned revenue is a liability before it is earned.Interest paid is a financing cash outflow on the statement of cash flows.O The gain on the sale of land is determined by subtracting the original cost of the land from the cash receivedon the sale.Depreciation expense is never a cash outflow.

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Description: Which of the following is NOT true?Accrual accounting requires expenses to be recorded when they are incurred, whether or not they have beenpaid.O Unearned revenue is a liability before it is earned.Interest paid is a financing cash outflow on the s

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Which of the following is NOT true? O Accrual accounting requires expenses to be recorded when they are incurred, whether or not they have been paid. O Unearned revenue is a liability before it is earned. O Interest paid is a financing cash outflow on the statement of cash flows. O The gain on the sale of land is determined by subtracting the original cost of the land from the cash received on the sale. O Depreciation expense is never a cash outflow.

Which of the following is NOT true? O Accrual accounting requires expenses to be recorded when they are incurred, whether or not they have been paid. O Unearned revenue is a liability before it is earned. O Interest paid is a financing cash outflow on the statement of cash flows. O The gain on the sale of land is determined by subtracting the original cost of the land from the cash received on the sale. O Depreciation expense is never a cash outflow.

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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