Financial Statements Prepared on the Cash Basis

question 1

Multiple Choice

Financial statements prepared on the cash basis:

• A) Comply with GAAP but are complex to prepare
• B) Comply with GAAP and are relatively easy to prepare
• C) Do not comply with GAAP and are relatively easy to prepare
• D) Do not comply with GAAP and, therefore, are not subject to being audited

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Definitions:

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