Which statement is not correct?
A)Cash accounting is straightforward.
B)Cash accounting requires the same financial statements as accrual accounting.
C)The cash flow statement reports performance under cash accounting.
D)The income statement is the same as the cash flow statement under cash accounting.

Question

Quizplus · Accepted Answer

Cash accounting does not require the same financial statements as accrual accounting, as it focuses on cash transactions rather than accruals.

Which Statement Is Not Correct