The Major Difference Between a Cash Basis Accounting System and an Accrual

question 21

True/False

The major difference between a cash basis accounting system and an accrual basis accounting system is the timing of recording revenues and assets.

---

Definitions:

Accommodation

In cognitive psychology, the process by which an individual adjusts their pre-existing schemas or ways of thinking in response to new information or experiences.

Piaget

Swiss psychologist Jean Piaget, known for his pioneering work in the study of cognitive development in children.

Observational Learning

A learning process through observing and imitating others' behaviors, actions, or outcomes.

Dessert

Dessert is a course that concludes a meal; it typically consists of sweet foods, such as confections, or possibly a beverage like dessert wine or liqueur.