Discussion topic

Financial statements are prepared using which basis of Accounting and why? Explain.

Financial statements are prepared using which basis of Accounting and why? Explain.

by Mayesha Iqbal -
Number of replies: 1

Generally, external financial statements are prepared on the accrual basis of accounting, which means that assets and liabilities are recorded when they are committed to, and revenue and expenses are recorded when they are incurred




In reply to Mayesha Iqbal

Re: Financial statements are prepared using which basis of Accounting and why? Explain.

by Shahana Kabir -
Good observation.Thanks for reply.