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 Md Shakil Ahmed -
Number of replies: 1

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 Md Shakil Ahmed

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

by Shahana Kabir -
Good observation.Thanks for reply.