Even Though GAAP Requires the Accrual Basis of Accounting, Some

question 29

True/False

Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting.

---

Definitions:

Physical Disabilities

Conditions that substantially limit one or more of an individual's major life activities due to physical impairments.

Americans With Disabilities Act

U.S. legislation passed in 1990 aimed at prohibiting discrimination and ensuring equal opportunity for individuals with disabilities in employment, public accommodations, and other areas.

Race

A social construct used to categorize humans into large and distinct populations or groups by heritable physical, social, and cultural traits.

Culturally Inherited Traits

Characteristics, values, or customs passed down from one generation to another within a culture.