all of the following are types of accounting methods except? a. hybrid b. cash c. inventory...

all of the following are types of accounting methods except? a. hybrid b. cash c. inventory d. accrual

Expert Solution

Ans( C )All of the following are methods of accounting except Inventory

Accounting Methods: It is the method on the basis of which businesses reports their financial statements. There are three Accounting Methods:1) Cash Accounting 2) Accrual Method 3) Hybrid Method

Cash Accounting Method: Under cash basis of accounting entries are recorded in the books of accounts at the time of cash is received or paid and not at the time of receipts of payment is due. Under this method revenue is recognized at the time of cash is received not at the time of sale. For Example Cash sales.

Accrual Accounting Method: Under accrual method of accounting revenue is recognized at the time when sales take place or ownership of goods transferred from seller to buyers. It is based on matching principle. Example: Prepaid expenses, outstanding expenses etc.

Hybrid Method of Accounting: It is the combination of cash and accrual method of accounting.

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