Question

Find out which of the
following statements
is/are correct? Statement
(a): Under cash basis of
accounting there may be
prepaid/outstanding
expenses and
accrued unrealised
incomes in the balance
sheet. Statement (b):
Under accrual basis of
accounting there is no
prepaid/outstanding
expenses and
accrued/unrealised
incomes in the balance
sheet.
​

Answer 1

Answer:

yes they all are correct