Cash Basis Accounting Is Often Adequate for Very Small Businesses

question 37

True/False

Cash basis accounting is often adequate for very small businesses such as a small retail store or a doctor's office.

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Definitions:

Rite Aid

An American drugstore chain that provides a variety of health and wellness solutions, including filling prescriptions, health products, and other retail items.

Staples

Basic or essential food products or materials that are widely used and in regular demand.

Standard Oil Trust

An American oil-producing, transporting, refining, and marketing company established by John D. Rockefeller and partners in the late 19th century, noted for its historical monopoly and eventual breakup.

Supreme Court

The highest judicial court in a country or state, which typically has the ultimate authority over all other courts.