Question
Using accrual accounting, revenues are recorded Oa. when cash is received at
the time services are performed or products have been delivered to customers
Ob. when cash is received without regard to when the services are performed or
products have been delivered to customers Oc. only if cash is received after the
services are performed or products have been delivered to customers O d. when
a service has been performed or products have been delivered to customers
without regard to when cash is received
Answer & Explanation
The correct answer is:
Od. when a service has been performed or products have been delivered to
customers without regard to when cash is received
Explanation:
Accrual accounting recognizes revenues and expenses when they are incurred,
regardless of when cash transactions occur. This means that:
Using accrual accounting, revenues are recorded Oa. when cash is received at
the time services are performed or products have been delivered to customers
Ob. when cash is received without regard to when the services are performed or
products have been delivered to customers Oc. only if cash is received after the
services are performed or products have been delivered to customers O d. when
a service has been performed or products have been delivered to customers
without regard to when cash is received
Answer & Explanation
The correct answer is:
Od. when a service has been performed or products have been delivered to
customers without regard to when cash is received
Explanation:
Accrual accounting recognizes revenues and expenses when they are incurred,
regardless of when cash transactions occur. This means that:
