All of the following statements are true except one. Which statement is false?

Question

Accepted Answer

Adjusting entries are required for a business that uses the cash-basis accounting.

Answer

A fiscal year is not always the same as a calendar year.

Answer

The matching concept directs accountants to identify and measure all expenses incurred and deduct them from revenues earned during the same period.

Answer

Accrual-basis accounting produces better information than cash-basis accounting.

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