Explain the accrual basis income statement, Accounting Basics

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Explain the accrual basis income statement

Response to the following questions:

1. SFAC No. 5 indicates that, to be recognized, an item should meet four criteria, subject to the cost-benefit constraint and materiality threshold. List these criteria.

2. There are five different measurement attributes currently used in practice. List these measurement attributes.

3. Briefly explain the difference between an accrual basis income statement and a cash basis income statement.

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Accounting Basics: Explain the accrual basis income statement

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