The type of accounting required by GAAP is:
A)modified cash.
B)hybrid cash.
C)cash.
D)accrual.

Question

Quizplus · Accepted Answer

GAAP requires accrual accounting, which records transactions when they are incurred, rather than when cash is exchanged. This method provides a more accurate picture of a company's financial position and performance. Modified cash and cash accounting are not in line with GAAP, and hybrid cash accounting is not a recognized accounting method.

The Type of Accounting Required by GAAP Is