CFA Level 1 Exam

3959 Questions

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Question No. 1

Which of the following is/are true under accrual accounting?

I. Expenses are recognized as services are used.
II. Revenues are recognized when service is performed.
III. Revenues are recognized in proportion to expenditures incurred.
IV. Revenues are matched with the associated costs.
Choose the correct option from the given list.
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