Question

state any 1 basis of accounting?​

Answer 1

Answer:

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.

Answer 2

Answer:

Cash basis:

Cash basis refers to a major accounting method that recognizes revenues and expenses at the time cash is received or paid out. This contrasts accrual accounting, which recognizes income at the time the revenue is earned and records expenses when liabilities are incurred regardless of when cash is received or paid.

What is basis of accounting?

Answer: The basis of accounting refers to the methodology under which revenues and expenses are recognized in the financial statements of a business