Cash-basis accounting is in accordance with
A) GAAP but not IFRS.
B) IFRS but not GAAP.
C) both IFRS and GAAP.
D) neither IFRS nor GAAP.

Question

Quizplus · Accepted Answer

Cash-basis accounting is not in accordance with either Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), as both frameworks require the accrual basis of accounting for the preparation of financial statements.

Cash-Basis Accounting Is in Accordance with