Which of the following is NOT a basic principle of accounting? a) Accrual basis (recognizing revenue when earned and expenses when incurred) b) Cash basis (recognizing revenue when received and expenses when paid) c) Double-entry bookkeeping (recording every transaction twice) d) Triple-entry bookkeeping (There's no such thing as triple-entry bookkeeping.
Which of the following is NOT a basic principle of accounting? a) Accrual basis (recognizing revenue when earned and expenses when incurred) b) Cash basis (recognizing revenue when received and expenses when paid) c) Double-entry bookkeeping (recording every transaction twice) d) Triple-entry bookkeeping (There's no such thing as triple-entry bookkeeping.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Which of the following is NOT a basic principle of accounting?
a) Accrual basis (recognizing revenue when earned and expenses when incurred)
b) Cash basis (recognizing revenue when received and expenses when paid)
c) Double-entry bookkeeping (recording every transaction twice)
d) Triple-entry bookkeeping (There's no such thing as triple-entry bookkeeping.
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