11. The cash basis of accounting is not in accordance with IFRS. 12. The expense recognition principle requires that efforts be matched with accomplishments. 13. Expense recognition is tied to...

11. The cash basis of accounting is
not
in accordance with IFRS.

12. The expense recognition principle requires that efforts be matched with accomplishments.

13. Expense recognition is tied to revenue recognition.

14. The revenue recognition principle dictates that revenue be recognized in the accounting period in which cash is received.

15. Adjusting entries are
not
necessary if the trial balance debit and credit columns balances are equal.

16. An adjusting entry always involves two statement of financial position accounts.

17. Adjusting entries are often made because some business events are
not
recorded as they occur.

18. Adjusting entries are recorded in the general journal but are
not
posted to the accounts in the general ledger.

19. A company must make adjusting entries every time it prepares an income statement and a statement of financial position.

20. Adjusting entries are needed to enable financial statements to conform to International Financial Reporting Standards (IFRS).