Businesses can use the cash basis, Accounting Basics

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Businesses can use the cash basis

A business which uses the cash basis receives a computer from a customer in payment for a $2000 bill. Does the business have any recognizable income, since payment was received in a noncash form? Why? Also, what restrictions exists on which businesses can use the cash basis? Why do you believe these restrictions were imposed?

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Accounting Basics: Businesses can use the cash basis

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Accounting Basics: Businesses can use the cash basis

Reference No:- TGS071418

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : How much cash does he get upon withdrawal

Q : Standard deduction and exemption

Q : What amount in the capital account for harrison

Q : Contrast benefit-received-ability-to-pay principles taxation

Q : Businesses can use the cash basis

Q : Brad manning''s piece has more than one theme

Q : What is the amount of the bonus to the old partners

Q : What is saturn''s capital balance after closing income

Q : What are the factors that shift the supply curve for good

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Businesses can use the cash basis

Reference No:- TGS071418

Recent Questions Asked Accounting Basics

Q : How much cash does he get upon withdrawal

Q : Standard deduction and exemption

Q : What amount in the capital account for harrison

Q : Contrast benefit-received-ability-to-pay principles taxation

Q : Businesses can use the cash basis

Q : Brad manning''s piece has more than one theme

Q : What is the amount of the bonus to the old partners

Q : What is saturn''s capital balance after closing income

Q : What are the factors that shift the supply curve for good

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