What Is the Basis of Accounting Used in Reporting the Statement

question 47

Multiple Choice

What is the basis of accounting used in reporting the Statement of Activities?

• A) Cash basis.
• B) Modified accrual basis.
• C) Accrual basis.
• D) Either cash basis or accrual basis, depending on the type of revenue.
• E) Either modified accrual basis or accrual basis, depending on the type of revenue.

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Definitions:

Human Interaction

The communication and relationships between people, whether in person or through digital means.

Output Control

Control that focuses on profitability and/or market share.

Profitability

The degree to which a business or activity yields profit or financial gain.

Market Share

refers to the percentage of a market (defined in terms of either value or volume) controlled by a particular company, product, or brand.