Match the terms with the definitions.
-A method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.
A)accrual basis of accounting
B)combination journal
C)Description column
D)General Credit column
E)General Debit column
F)modified cash basis
G)Posting Reference column
H)special columns

Question

Quizplus · Accepted Answer

The modified cash basis of accounting is a method that combines elements of both the cash basis and accrual basis of accounting. It records revenues and most expenses using the cash basis, but makes exceptions for significant assets that will last more than one accounting period, treating these in a manner similar to accrual accounting.

Match the Terms with the Definitions