________ Basis Accounting Means That Revenues Are Recognized When Cash

question 69

Short Answer

________ basis accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid. ________ basis accounting means that the financial effects of revenues and expenses are recorded when earned or incurred.

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Definitions:

Cortex

(1) The outer part of an organ, such as the cortex of the kidney. Compare with medulla. (2) The tissue between the epidermis and vascular tissue in the stems and roots of many herbaceous plants.

Ground Tissue

Tissue found in plants, making up the bulk of the non-vascular structure, responsible for photosynthesis, storage, and support.

Periderm

The protective outer layer of tissue in some plants, replacing the epidermis as the plant grows older.

Woody Plants

Plants that produce wood as their structural tissue and persist over many growing seasons, typically including trees and shrubs.