Which Transaction Would Be Recorded in a Cash Basis System

question 64

Multiple Choice

Which transaction would be recorded in a cash basis system of accounting?

• A)Purchase of equipment on credit
• B)Purchase of supplies on credit
• C)Sale of goods on credit
• D)Sale of goods for cash

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Definitions:

Full-Swing Values

A concept used to describe the strength of one’s values; full-swing values are known, cherished, declared, acted upon, and acted upon habitually.

Ethics

The branch of philosophy concerned with the intent, means, and consequences of moral behavior; derived from the Greek word ethos, referring to a person’s fundamental orientation toward life or inner character.

Human Concern

A focus on the needs, well-being, and rights of human beings, often driving social initiatives and humanitarian efforts.

U.S. Army

The land warfare service branch of the United States Armed Forces, responsible for land-based military operations.