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

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

Quizplus · Accepted Answer

Under the accrual basis of accounting, revenues and expenses are recognized when they are earned or incurred, regardless of when the cash is actually received or paid.

An Accountant Recognizes the Impact of a Business Event as It