Adjusting entries are recorded when cash basis accounting is used
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Which of the following is false? Group of answer choices Under accrual basis accounting, companies record revenues when they receive cash and record expenses when they pay cash. There are two types of adjusting entries: deferrals and accruals. Every adjusting entry will include one income statement account and one balance sheet account. Accrued revenue is revenue that has been earned but not yet received in cash or recorded.