The Assumption Which Requires Transactions to Be Recognised in the Accounting

question 28

Multiple Choice

The assumption which requires transactions to be recognised in the accounting reports when they occur and not when the cash is received or paid is:

• A)Accrual basis
• B)Accounting entity
• C)Materiality
• D)Accounting period

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Definitions:

Mesoamerica

The region that comprises Mexico, Guatemala, Belize, Honduras, and the Pacific coast of El Salvador.

Deciphering

The process of interpreting or making sense of text, symbols, or codes that are not immediately understandable.

Great Serpent Mound

A prehistoric effigy mound in Ohio, USA, which depicts a giant serpent, often interpreted as an astronomical or religious symbol.

Halley's Comet

A short-period comet visible from Earth every 75-76 years, known for its spectacular sightings throughout human history.