Podcast
Questions and Answers
What accounting method do some small and midsized businesses often follow?
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?
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?
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?
What are the notable limitations of accounting standards mentioned in the text?
What do accounting standards prescribe in considerable detail?
What do accounting standards prescribe in considerable detail?