Afm 101 study cards - Study guides, Class notes & Summaries

Accounting can be recorded in one of two methods: ___________________________. - ANSWER-Cash-basis or accrual In ______________________ accounting only transactions involving cash are recorded. - ANSWER-Cash-basis In ______________________ accounting cash is irrelevant, and transactions are recorded when an asset is gained, revenue earned, liability acquired or expense incurred. - ANSWER-Accrual Users of accounting information who rely on cash-basis accounting may have _________________...