Accounting Methods

The Accrual Method of Accounting records income and expenses when cash is received or spent.
1. True
2. False
The Accounting Method that conforms to accounting principles and rules is the Cash method.
1. True
2. False
The difference between the Cash and Accrual Method results from timing differences.
1. True
2. False
The Single Entry Bookkeeping System is used with the Accrual Method of Accounting.
1. True
2. False
If Inventories are a major part of a business, the Accrual Method of Accounting is normally required to be used.
1. True
2. False