Accounting for Revenue on an Accrual Basis Means That No

question 153

True/False

Accounting for revenue on an accrual basis means that no entry of revenue is made until the cash is actually received.

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Definitions:

Spending Variance

The difference between the actual amount of money spent and the budgeted amount expected to be spent.

Food And Supplies

Items necessary for the operation of a service, especially in the hospitality and retail industries, including edible products and necessary equipment.

Tenant-Days

A metric used in property management to calculate the total number of days tenants occupy a space within a given period.

Net Operating Income

The income generated from normal business operations after deducting operating expenses but before taxes and interest.