American_Bankers_Association
CTFA · Question #11
It is actually a method of preparing financial statements in which only transactions involving actual cash outlays are recorded.
The correct answer is A. Cash basis. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
It is actually a method of preparing financial statements in which only transactions involving actual cash outlays are recorded.
Options
- ACash basis
- BExpense
- CEquity
- DCash deficit
How the community answered
(34 responses)- A74% (25)
- B3% (1)
- C15% (5)
- D9% (3)
Topics
#cash basis accounting#financial statements#accounting method
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