Business

8 February, 03:56

Which of the following statements, if any, concerning the modified cash basis of accounting is/are correct?

I. The modified cash basis of accounting employs some elements of accrual accounting.

II. To be acceptable, modifications to the cash basis of accounting must have substantial support in practice.

Options:

A. I only.

B. II only.

C. Both I and II.

+1

Answers (1)

Know the Answer?

Not Sure About the Answer?

Find an answer to your question 👍 “Which of the following statements, if any, concerning the modified cash basis of accounting is/are correct? I. The modified cash basis of ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.

Search for Other Answers

You Might be Interested in

What is the first step in consumer decisions-making process?

Price is constant to the individual firm selling in a purely competitive market because:

Write one paragraph about why a person, who up until now has worked an hourly job, might decide to look for a salaried job with benefits.

on december 31 westworld inc has the following equity accounts and balances: retained earning 51000 common stock 2200 treasury stock 3200 paid in capital in excess of par value common stock 40200 preferred stock 8200 and paid in capital in excess

You have been asked to analyze the bids for 200 polished disks used in solar panels. These bids have been submitted by three suppliers: Thailand Polishing, India Shine, and Sacramento Glow. Thailand Polishing has submitted a bid of 3,000 baht.

New Questions in Business

Primary market financial instruments include stock issues from firms allowing their equity shares to be publicly traded on the stock market for the first time.

Of the following, which is a valuation method used in the market approach to measure the value of a business? a. Price-to-ticket revenue ratio b. Price-to-revenue ratio c. Price-to-earnings ratio d. Equity shares sold e. All of the above

Marvel Woodcraft makes furniture. Marvel's expected sales are 20,000 bookcases for the quarter. The company begins the quarter with inventory of 3,000 bookcases and wants to have enough finished bookcases on hand at the end of the quarter to provide

A firm reported year-end sales of $20 million. It listed $7 million of inventory on its balance sheet. Using a 365-day year, how many days did the firm's inventory stay on the premises?

Mason prepares a status report his client has requested. The project is on schedule and going well. Since there isn't any bad news to report, Mason writes the report quickly using a former status report as a template.