Under the Modified Accrual Basis of Accounting,revenues Should Be Recognized

question 30

Multiple Choice

Under the modified accrual basis of accounting,revenues should be recognized when

• A)Received in cash.
• B)Earned.
• C)Available.
• D)Spent.

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Definitions:

Candy

A sweet confectionery made from sugar or chocolate, often flavored or filled with fruits, nuts, etc.

Utilities Possibilities Frontier

A curve that represents the maximum utility levels that can be achieved by an economy given efficient allocation of resources.

Utility

In economics, the total satisfaction received from consuming a good or service.

Marginal Utility

The additional satisfaction or utility gained from consuming one more unit of a good or service.