5 Questions on Cash Accounting
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Let's see how well you understand the Cash Method of Accounting. Try to answer these five questions.
1. The Cash Method is commonly used for personal finances. True or False?
2. When Cash Accounting, Revenue is only recorded when Cash is received. True or False?
3. The Cash Method is ideal for businesses with Inventory. True or False?
4. When Cash Accounting, Expenses are recorded when they are billed. True or False?
5. The Cash Method is simpler to implement than the Accrual Method. True or False?
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