Accountıng I Deneme Sınavı Sorusu #1313689

Which of the following statement is true for "cash basis accounting"?

companies record revenues when they receive the cash and they record expenses when the cash is paid

companies record revenues when they receive the cash and they do not record expenses.

companies avoid recording revenues in case they may receive the payment in cash cash

companies receive the cash but do not record expenses in the accounting book.

companies record all types of payment only if they are made in cash

Yanıt Açıklaması:

In cash basis accounting, companies record revenues when they receive the cash and they record expenses when the cash is paid. Cash basis accounting records only cash transactions—cash receipts and cash payments. Basically, it is a simple method. But it prevents businesses from being cautious. Companies adopting cash basis accounting focus only transactions involving cash. Those with no monetary input are not taken into consideration. It is possible to say that cash basis accounting is mostly used by small businesses.

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SORUNUN CEVABI: A

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