Under which accounting method are revenues and expenses recognized in the same accounting period that cash receipts and payments occur?

Question

Quizplus · Accepted Answer

The cash basis of accounting recognizes revenues and expenses in the same accounting period that cash receipts and payments occur. This method of accounting is simple and easy to apply, but it does not match expenses with the revenues they generate, which may not provide an accurate picture of a company's financial performance.

Under Which Accounting Method Are Revenues and Expenses Recognized in the Same