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Which of the following statements, if any, concerning the modified cash basis of accounting is/are correct? I. The modified cash basis of accounting employs some elements of acc…

Which of the following statements, if any, concerning the modified cash basis of accounting is/are correct? I. The modified cash basis of accounting employs some elements of acc…
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Which of the following statements, if any, concerning the modified cash basis of accounting is/are correct?

I. The modified cash basis of accounting employs some elements of accrual accounting.
II. To be acceptable, modifications to the cash basis of accounting must have substantial support in practice.
Options:
A. I only.
B. II only.
C. Both I and II.

asked
User Boxxar
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1 Answer

7 votes

Answer: C. Both I and II.

Step-by-step explanation:

answered
User Alfah
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