The System of Accounting Where Revenues Are Recorded When Services

question 96

True/False

The system of accounting where revenues are recorded when services have been performed or products have been delivered to customers and expenses are recorded when they are incurred is called the cash basis of accounting.

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Definitions:

Mode

The value that appears most frequently in a data set.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of data, often used are the mean, median, and mode.

Median

A statistical measure representing the middle value in a set of data, where half the numbers are above the median and half are below.

Correlation

A measure indicating the extent to which two or more variables fluctuate together.