Flyer CoBilled a Client for Flying Lessons Given in January

question 54

Multiple Choice

Flyer Co.billed a client for flying lessons given in January.The payment was received in February.Under the accrual basis of accounting, when should Flyer Co.record the revenue?

• A) January
• B) February
• C) Some in January and some in February
• D) Flyer Co.should not record any revenue

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Definitions:

Aztec Civilization

An indigenous civilization that was highly advanced and flourished in central Mexico in the 14th to 16th centuries before being conquered by the Spanish.

North American Cultures

Diverse and rich cultures of the indigenous peoples and immigrant populations that have inhabited and developed across the North American continent.

Colonization

The act of establishing a colony or colonies in a territory by a country or a group, often involving domination and exploitation of the native inhabitants.

Raleigh

The capital city of North Carolina, named after the English explorer Sir Walter Raleigh.