Question

goods sold to naresh for rupees 12000 is considered as:
A) accrual basis
B) cash basis
C) both
D) none of these

Answer 1

Answer:

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Answer 2

The answer of all the question

Explanation:

• Accounting is the process of recording financial transactions pertaining to a company's business. The financial statements which are used in accounting are a summary of financial position, of the financial transactions over an accounting period, summarizing a company's operations & cash flows.

• Cash-basis of accounting refers to revenue or expenses when it is carried out in cash.

• Under this basis of accounting, the revenue would not be reported in the year the work was done but in the following year when the cash is actually received.

• Goods sold to Naresh in cash so it is cash-basis accounting. Option B is the answer.