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Which of the following is best described as: Recognition of transactions primarily when cash is received or paid

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Question ID #25881 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Correct Answer: B. Cash basis
The correct answer is Cash basis. Recognition of transactions primarily when cash is received or paid

Question: Which of the following is best described as: Recognition of transactions primarily when cash is received or paid

A. Current liability

B. Cash basis

C. Accounting equation

D. Bank reconciliation statement

Correct Answer: B. Cash basisThe correct answer is Cash basis. Recognition of transactions primarily when cash is received or paid

Which of the following is best described as: Recognition of transactions primarily when cash is received or paid - MCQ Explanation

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Correct answer: B. Cash basis