Question

state any one 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

The basic definition of accounting stands as regarding all the transactions which are financial in nature.

• Any other transaction which is not financial in nature but is important for the organisation would not be recorded in the books of accounts.
• Journal is the first book of accounts where the transactions are recorded. The transactions are then classified and posted under the respective ledger accounts.