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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?
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What do accounting standards prescribe in considerable detail?
What do accounting standards prescribe in considerable detail?
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