It is mandatory for each Company to maintain its books of accounts on which of the following methods?
Select correct option:
Cash basis
Accrual basis
Both cash and accrual basis
Free to choose any kind of base
Types of Accounting Methods
(i) Cash-Basis accounting-Sec. 33
(ii) Accrual-Basis accounting Sec. 34
For Companies –Accrual basis mandatory.
For Others --- optional, cash or Accrual Basis
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