Question

7) State any one basis of Accounting.​

Answer 1

Explanation:

A basis of accounting is the time various financial transactions are recorded. The cash basis (EU VAT vocabulary cash accounting) and the accrual basis are the two primary methods of tracking income and expenses in accounting.

Basis Accounting Definition

There are two primary methods of recording income and expenses: Cash basis and Accrual basis. Every business needs to select one method and use it through the life of the business.

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