Fil in the blanks with options given in below:
Accrual basis accounting recognizes when the service or product is delivered and records when in order to adhere to the matching principle.
1. equity/revenues/expenses
2. revenues/expenses/liabilities
3. incurred/paid

1. revenues

2. revenues

3. Incurred

Explanation:

Accrual basis is one of the methods used in preparing Financial statement. It records transaction when they are incurred or when they happen irrespective of whether cash has been paid or not.

Cash basis is a another one. It recognizes transactions only when the cash has been given.

Accrual basis accounting recognizes REVENUE when the service or product is delivered and records REVENUE when INCURRED in order to adhere to the matching principle

if i need to borrow money for anything, it would be for something like a house or an apartment but, that depend on the situation.

is this good enough?