Basis of accounting determines which of the following? A

Accounting Dec 16, 2020

Basis of accounting determines which of the following?

A. When transactions and events are recognized.

B. What transactions and events will be reported.

C. Where transactions and events will be reported.

D. Why transactions and events will be reported.

Expert Solution

The correct option is A. When transactions and events are recognized.

In accounting, the question is always about the timing of the transactions that the accountant will use as a basis in recognizing transactions in the books of accounts.

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