In the Context of Proper Accounting Practices, Identify a Major

question 81

Multiple Choice

In the context of proper accounting practices, identify a major difference between cash-based and accrual-based accounting systems.

• A)Cash-based systems must be used by large businesses, whereas accrual-based systems must only be used by the smallest businesses.
• B)Cash-based systems recognize revenue as it is generated, whereas accrual-based systems record revenue only when it occurs.
• C)Cash-based systems are generally used with periodic inventory counting systems, whereas accrual-based systems are used primarily with perpetual inventory counting systems.
• D)Cash-based systems are mostly used by publicly held corporations, whereas accrual-based systems are mostly used by privately held corporations.

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