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:

1

Explanation:

under cash basis of accounting there may be prepaid and accrued