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Munoz Co. prepays cash in October for insurance that covers only the month of November. Munoz...

Question

Munoz Co. prepays cash in October for insurance that covers only the month of November. Munoz...

Munoz Co. prepays cash in October for insurance that covers only the month of November. Munoz Co. records the expense in October. Which method of accounting is Munoz Co. using?

Select one:

a. accrual basis of accounting

b. cash basis of accounting

c. hybrid basis of accounting

d. consolidated basis of accounting

Answers

OPTION - B Cash Basisi of Accounting.

Munoz co has recorded the expenses in the month of the October for which the expenses has been paid during the month of the October.

Since the cash payment has been made and it involves cash basis of accounting.

If you have any doubts please comment on the answer


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