Even Though GAAP Requires the Accrual Basis of Accounting, Some

question 29

True/False

Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting.

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Definitions:

Anatomical Sex

The classification of individuals based on their reproductive and sexual anatomy, such as male, female, or intersex, usually assigned at birth.

Sexual Dimorphism

The distinction between two sexes of the same species by physical appearance, including differences in size, color, or body structure.

Genetic Sex

Determined by the chromosomes an individual inherits (XX for females and XY for males), affecting the development of sexual and reproductive anatomy.

Gonads

The primary reproductive organs in animals, namely testes in males and ovaries in females, responsible for producing gametes and hormones.