Which of the following is an acceptable method of accounting?

Question

Quizplus · Accepted Answer

Accrual basis is considered the most accurate and widely used method of accounting as it recognizes income and expenses at the time they are earned or incurred, regardless of when payment is actually received or made. It gives a more accurate picture of a company's financial position and performance. Combination basis, tax basis, and service basis are all specialized methods that may not be suitable for all businesses.

Which of the Following Is an Acceptable Method of Accounting