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Vet Manager Exam Prep

Category - CVPM

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If income and expenses are measured when the transactions occur, regardless of the physical flow of cash, then a hospital is operating on what accounting basis?

Just in time
Accrual
Balanced
Cash

Explanation

Answer: B- If income and expenses are measured when the transactions occur, regardless of the physical flow of cash, then a hospital is operating on an accrual basis.

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