An accountant recognizes the impact of a business event as it occurs and accounts for it appropriately in which basis of accounting?

Name: An accountant recognizes the impact of a business event as it occurs and accounts for it appropriately in which basis of accounting?
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Question

Quizplus · Accepted Answer

The accrual basis of accounting recognizes revenue and expenses as they are earned or incurred, regardless of when cash is exchanged. This method provides a more accurate depiction of a company's financial position and performance.

An Accountant Recognizes the Impact of a Business Event as It