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Monday 16 May 2011

::: vuaskari.com ::: 623

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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