An Accountant Records Revenue When Earned Under Which Basis of Accounting

question 50

Multiple Choice

An accountant records revenue when earned under which basis of accounting?

• A)cash-basis
• B)accrual
• C)tax
• D)financial

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Definitions:

Supply (S)

The total amount of a good or service that is available for purchase at any given price level in a market.

Equilibrium Price (P)

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers, leading to market balance.

Equilibrium Price

Equilibrium price is the price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Demand Increases

A situation where consumers are willing and able to purchase more of a product or service at the same price, shifting the demand curve to the right.