The system of preparing financial statements based on recording revenues when the cash is received and reporting expenses when the cash is paid is called: Multiple Choice Operating cycle accounting. Current basis accounting. Cash basis accounting. Revenue recognition accounting. Accrual basis accounting.

Question

The system of preparing financial statements based on recording revenues when the cash is received and reporting expenses when the cash is paid is called: Multiple Choice Operating cycle accounting. Current basis accounting. Cash basis accounting. Revenue recognition accounting. Accrual basis accounting.

Answer 1

The system of preparing financial statements based on recording revenues when the cash is received and reporting expenses when the cash is paid is called:**Cash basis accounting.**

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