Question Practice

What is the basis of accounting that records transactions only when cash is exchanged?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA

Single Answer MCQ

Q-00053854

Accrual basis

Modified accrual basis

Cash basis

Historical cost basis

Video Explanation

Watch Video Solution

Keep Practising

Students who asked this also explored

Continue with nearby questions to strengthen the same chapter concept while you still have the context fresh in mind.

Q1.

What does GAAP stand for in accounting?

Q2.

Which principle states that business and owners are treated as separate entities?

Q3.

The principle that ensures consistency in financial reporting is known as?

Q4.

Which accounting concept requires that all information affecting an organization's financial statements must be disclosed?