________ is an accounting method in which revenue is recorded when payment is received and an expense is recorded when money is paid
A) Accrual basis
B) Profit basis
C) Cash basis
D) Depreciation
E) Deferral basis
Answer: C
Explanation: Cash basis is an accounting method in which revenue is recorded when payment is received and expense is recorded when cash is paid. Checking account is a simple cash-based accounting system in this case.
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