Question : Name the basis of accounting according to which income and expenditure account is prepared?
Option 1: cash basis
Option 2: accural basis
Option 3: profit basis
Option 4: future basis
Answer (1)
20th Jan, 2024
Correct Answer: accural basis
Solution :
On the basis of accrual basis accounting, income and expenditure account is prepared.
Hence, the correct option is 2.
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