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During the year that ended on December 31, 2012, Oakwood Rehabilitation Hospital spent $50,000 cash on medical supplies. Oakwood's income statement for the year that
During the year that ended on December 31, 2012, Oakwood Rehabilitation Hospital spent $50,000 cash on medical supplies. Oakwood's income statement for the year that ended on December 31, 2012, shows supplies expense of $35,000. Which of the following bases of accounting does Oakwood Rehabilitation Hospital most likely use?
A. | Cash basis accounting |
B. Partial cash basis accounting |
C. Modified Generally Accepted Accounting Principles |
D. Accrual basis accounting |
E. Cost accounting |
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