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Describe key principles of accrual accounting

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Reference no: EM132594353

Question 1: Which of the following statements best describe key principles of Accrual Accounting?

Select all that apply.

Option 1: Accrual concept is the most fundamental principle of accounting which requires recording revenues when they are earned and not when they are received in cash, and recording expenses when they are incurred and not when they are paid.

Option 2: Accrual concept is the most fundamental principle of accounting which requires recording revenues when they are received in cash and not when they are earned, and recording expenses when they are paid and not when they are incurred.

Reference no: EM132594353

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