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

Question

Quizplus · Accepted Answer

The accrual basis of accounting recognizes revenues and expenses when they are earned or incurred, regardless of when cash is received or paid. This allows for a more accurate representation of a company's financial position and performance.

An Accountant Recognizes the Impact of a Business Event as It