Question

Which alternative accounting method allows farmers to record expenses and incomes in the year in which they sell their yield? GAAP allows for the _______ method, which permits farmers to subtract the expenses of producing the crop in the year in which they sell the yield and earn the revenue.

Answer 1

Cash Method of Accounting records revenues when they are received and expenses when they are paid.

Answer 2

Crop Accounting

Step-by-step explanation:

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