In double-entry bookkeeping system which of the following may be used as basis forrecognizing income and expenses?ABCDNOCash basisYESNOYESModified Cash basisYESYESNONOAccrual basisYESNONOYES

Double entry bookkeeping system is the system of accounting in which every transaction has effect on…

double-entry bookkeeping system which of the following may be used as basis for ecognizing income and expenses? A B D Cash basis YES NO YES NO Modified Cash basis YES YES NO NO Accrual basis YES NO NO YES

double-entry bookkeeping system which of the following may be used as basis for ecognizing income and expenses? A B D Cash basis YES NO YES NO Modified Cash basis YES YES NO NO Accrual basis YES NO NO YES

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

In double-entry bookkeeping system which of the following may be used as basis for
recognizing income and expenses?
A
B
C
D
NO
Cash basis
YES
NO
YES
Modified Cash basis
YES
YES
NO
NO
Accrual basis
YES
NO
NO
YES

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