Accrual basis accounting recognizes (equity/revenues/expenses) when the service or product is delivered and records (revenues/expenses/liabilities) when (incurred/paid) in order to adhere to the matching principle.

Revenues; expenses; incurred

Explanation:

Accrual basis accounting recognizes revenues when the service or product is delivered and records expenses when incurred in order to adhere to the matching principle.

This form of accounting doesn’t necessarily have to wait till payment is received or made before the transaction is being recorded.

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