Pedro Agreed to Repair a House for a Client and Started

question 71

Multiple Choice

Pedro agreed to repair a house for a client and started to work on December 30,2012.On January 2,2014,he completed the job and received payment from the client.Pedro must record the income in:

• A) 2012.
• B) 2013.
• C) 2014.
• D) Both 2013 and 2014.

---

Definitions:

Reacquisition

The process of a company buying back its own shares or bonds from investors.

Refunding

The process of replacing an old debt with a new one, usually with better terms, such as a lower interest rate.

Old Issue

A topic or problem that has been present or discussed for a long time.

New Bond Issue

The process of offering new bonds to investors for the first time to raise capital for the issuer.