There Are Two Methods Used to Account for Transactions

question 67

Multiple Choice

There are two methods used to account for transactions. These methods are:

• A) accrual and deferral
• B) cash and deferral
• C) deferral and prepaid
• D) cash and accrual

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Definitions:

Latin American Nations

Countries in the Western Hemisphere south of the United States, where Romance languages (primarily Spanish and Portuguese) are spoken, known for their rich cultural diversity and historical significance.

Political Affairs

Refers to activities related to the governance of a country or area, including policies, regulations, and political actions.

Financial Affairs

Matters related to money management, including investments, budgeting, banking, and the handling of financial assets and liabilities.

Philippine Islands

A Southeast Asian country in the Western Pacific, comprising more than 7,000 islands, known for its tropical climate, beaches, and biodiversity.