What accounting method is followed for the recording of transactions?
Single entry system
Cash Basis System
Double Entry system
None of the above
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option (b) is correct cash basis system
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Question : What accounting method is followed for the recording of transactions?
- Single entry system
- Cash Basis System
- Double Entry system
- None of the above
Answer : Cash Basis System
Step by step explanation :
Accrual accounting is a method of accounting where revenues and expenses are recorded when they are earned, regardless of when the money is actually received or paid. For example, you would record revenue when a project is complete, rather than when you get paid. This method is more commonly used than the cash method.
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