B) 3. Mixed System or Hybrid System of Book-Keeping:
Mixed System or hybrid system of book-keeping is a system of book-keeping which is a mixture of both the cash system and the accrual system of book-keeping. In other words, it is a system of book-keeping under which some transactions are recorded on cash basis (i.e., some transactions are recorded only when cash is actually received or paid for them) and some transactions are recorded on accrual basis (i.e., some transactions are recorded the moment the amounts of those transactions become receivable or payable). Generally, incomes are recorded on cash basis, and expenses are recorded on accrual basis.
The hybrid system of accounting is followed by some professional persons like doctors, lawyers, chartered accountants, etc.
Mixed System or hybrid system of book-keeping is a system of book-keeping which is a mixture of both the cash system and the accrual system of book-keeping. In other words, it is a system of book-keeping under which some transactions are recorded on cash basis (i.e., some transactions are recorded only when cash is actually received or paid for them) and some transactions are recorded on accrual basis (i.e., some transactions are recorded the moment the amounts of those transactions become receivable or payable). Generally, incomes are recorded on cash basis, and expenses are recorded on accrual basis.
The hybrid system of accounting is followed by some professional persons like doctors, lawyers, chartered accountants, etc.
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