Question

13.Under the Cash Basis of Accounting, expenses are recorded:
(1 Point)
on payment
on being incurred
either (a) or (b)
none of the above​

Answer 1

Answer:

expenses are recorded on payment

Answer 2

Explanation:

Cash accounting is an accounting method where payment receipts are recorded during the period in which they are received, and expenses are recorded in the period in which they are actually paid. In other words, revenues and expenses are recorded when cash is received and paid, respectively.