Which of the Following Is in Accordance with Generally Accepted

question 171

Multiple Choice

Which of the following is in accordance with generally accepted accounting principles?

• A)Accrual-basis accounting
• B)Cash-basis accounting
• C)Both accrual-basis and cash-basis accounting
• D)Neither accrual-basis nor cash-basis accounting

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Definitions:

Revenue Recognition

An accounting principle that determines the specific conditions under which income becomes recognized as revenue.

IASB

The International Accounting Standards Board, which is responsible for developing and issuing International Financial Reporting Standards (IFRS) used in many parts of the world.

IFRS Reporting

Stands for International Financial Reporting Standards, a set of accounting standards that provide guidance on how financial transactions and other accounting events should be reported in financial statements.

Transition Plan

A strategy or roadmap designed to navigate from a current state to a desired future state, often found in project management or career development.