The C____________ Basis of Accounting Is Not a Generally Accepted

question 5

Short Answer

The c____________ basis of accounting is not a generally accepted method of determining profit for businesses that have significant credit transactions.

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Definitions:

Trade Usage

Established practices or patterns of behavior regularly observed and accepted in a particular industry.

Particular Purpose

A specific reason or function for which something is intended or used.

Merchantability

A guarantee that a product sold will meet reasonable expectations of quality and performance as implied by law.

Preassembled

Refers to items or products that are assembled at the manufacturing facility before being shipped to the customer.