Accrual Concept of Accounting Quiz Copy

Under the cash basis of accounting entries in the books of accounts are made

Under the accrual basis of accounting entries in the books of accounts are made

The appropriate method for calculation of profit or loss is ___________________

Under the accrual basis of accounting, Revenues are recorded

Under the accrual basis of accounting, Expenses are recorded

As per the accrual concept of accounting, any financial or business transaction should be recorded: