Using accrual accounting, revenue is recorded and reported only: a. if cash is received after the...
Using accrual accounting, revenue is recorded and reported only: a. if cash is received after the services are rendered. b. when cash is received before services are rendered. c. when the services are rendered without regard to when cash is received. d. when cash is received without regard to when the services are rendered.
Homework Answers
In accrual method of accounting actual cash recept or payment is not required for accounting a transaction.
In accrual method of accounting revenue should be recognised when service is provided irrespective of actual cash receipt.
Ans) option (c) when the services are rendered without regard to when cash is received.
Option (C) is correct
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Using accrual accounting, revenue is recorded and reported only:
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Bill operates a proprietorship using the cash method of accounting, and this year he received the follc . $160 in cash from a customer for services rendered this year . a promise from a customer to pay $188 for services rendered this year tickets to a football game worth $220 as payment for services performed last year • a check for $182 for services rendered this year that Bill forgot to cash How much income should Bill realize on Schedule...
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