When the accrual basis of accounting is used, expenses are recognized only in the period during which they are

Question

When the accrual basis of accounting is used, expenses are recognized only in the period during which they are paid

is this answer true are false

Answer 1

False. That would be the Cash Basis of Accounting. Accrual Basis states expenses when they are accrued......

Answer 2

The answer is false. In accrual basis of accounting, expenses are recognized as and when they are accrued. It means expenses are recognized based on the time not on the basis of payment of cash.

Answer 3

False. That would be the cash basis. In accrual basis, expenses and income are recognized when they are incurred, not necessarily when they are paid.

Answer 4

Easy ten points? Knucklec's Answer above earned it.

Answer 5

false they are accrued as they happen even if you havent paid.