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Question

The concept of _______________ means that transactions are recorded as and when they occur irrespective of whether money has been received or not.


A

accrual basis

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B

cash basis

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C

Both cash basis and accrual basis

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D

None of these

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Solution

The correct option is A

accrual basis


The concept of accrual means that transactions are recorded as and when they occur irrespective of whether money has been received or not.


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