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Class 12 Accountancy Partnership Accounts - Basic Concepts Partnership DeedMedium

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If the deed says accounts will be kept on accrual basis and not cash basis, what does it mean?

Answer and explanation

Correct answer: Income and expenses will be recognized on accrual basis

Under accrual basis, income and expenses may be recognized before cash settlement. The deed may clarify the accounting policy.

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Accrual Basis Accounting Policy Partnership Deed Partnership Accounts Basic Concepts Accountancy Class 12 Mcq

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