There Are Two Types of Accounting Methods, Cash and Accrual

question 39

Short Answer

There are two types of accounting methods, cash and accrual. Review the two examples, and identify the accounting method.
1. If revenues are recognized and recorded when earned, the company is using the __________ basis of accounting.
2. If a business records expenses when paid, the company is using the __________ basis of accounting

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Definitions:

Prepuce

The fold of skin that covers the head of the penis or clitoris.

Glans Penis

The expanded distal end of the penis, characterized by a high degree of sensitivity and the location of the urethral opening.

Spermatic Cord

A bundle of fibers and tissues including the vas deferens, blood vessels, nerves, and muscle that run from the abdomen to each testicle.

Varicocele

An abnormal enlargement of the venous plexus in the scrotum, akin to varicose veins, often affecting fertility in men.