Cash vs

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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

Cash vs

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Questions and Answers

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

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

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

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

What do accounting standards prescribe in considerable detail?

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