Asked by
michael mingo
on Nov 14, 2024Verified
Accrual-basis accounting is allowed under
A) GAAP but not IFRS.
B) IFRS but not GAAP.
C) both IFRS and GAAP.
D) neither IFRS nor GAAP.
GAAP
Generally Accepted Accounting Principles, which are a set of rules and guidelines that companies must follow when preparing their financial statements in the U.S.
Accrual-Basis Accounting
An accounting method where revenue is recorded when earned and expenses are recorded when incurred, regardless of cash flow.
- Acquire knowledge about the fundamentals of cash-basis and accrual-basis accounting systems.
Verified Answer
LG
Learning Objectives
- Acquire knowledge about the fundamentals of cash-basis and accrual-basis accounting systems.