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.

Name: 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.
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Question

Quizplus · Accepted Answer

Accrual-basis accounting is allowed and recommended under both IFRS and GAAP. This method recognizes revenues and expenses as they are earned or incurred, regardless of when the cash is actually received or disbursed.

Accrual-Basis Accounting Is Allowed Under