Cash vs
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Questions and Answers

What accounting method do some small and midsized businesses often follow?

  • Modified cash method
  • Cash method (correct)
  • Hybrid method
  • Accrual basis

    • What is one of the fundamental accounting assumptions often followed by larger firms?

  • Cash method
  • Accrual basis (correct)
  • Modified accrual basis
  • Hybrid method

    • What percentage of governments in the public sector used accrual accounting in 2020?

  • 50%
  • 25%
  • 40%
  • 30% (correct)

    • What are the notable limitations of accounting standards mentioned in the text?

    <p>Inflexibility, time-consuming process, difficulty of choosing between alternative treatments, and restrictive scope</p> Signup and view all the answers

    What do accounting standards prescribe in considerable detail?

    <p>Accruals, presentation of financial statements, and additional disclosures</p> Signup and view all the answers

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