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Reporting expenses by categories such as salaries, rent, utilities, etc. is known as the ______ basis.
- a)Functional
- b)Natural
- c)None
- d)Both
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Reporting expenses by categories such as salaries, rent, utilities, et...
Reporting expenses by categories such as salaries, rent, utilities, etc. is known as the natural basis.
Explanation:
The natural basis of accounting refers to the system of accounting where financial transactions are recorded and reported based on their nature or type. Under this basis, expenses are classified based on their natural classification such as salaries, rent, utilities, etc. This helps in identifying the major expenses of the business and in analyzing the cost structure of the business. It also helps in preparing the income statement and understanding the profitability of the business. The natural basis of accounting is widely used in small businesses and non-profit organizations.
Explanation:
The natural basis of accounting refers to the system of accounting where financial transactions are recorded and reported based on their nature or type. Under this basis, expenses are classified based on their natural classification such as salaries, rent, utilities, etc. This helps in identifying the major expenses of the business and in analyzing the cost structure of the business. It also helps in preparing the income statement and understanding the profitability of the business. The natural basis of accounting is widely used in small businesses and non-profit organizations.
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Reporting expenses by categories such as salaries, rent, utilities, et...
Can u explain @yamini
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