Accounting for Revenue When No Entry of Revenue Is Made

question 57

Multiple Choice

Accounting for revenue when no entry of revenue is made in the accounts until cash is received for the services performed is called

• A) matching basis revenue.
• B) cash basis expense.
• C) service basis accounting.
• D) modified cash basis.

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Definitions:

Independence

The state of being free from external control or influence, self-governance, or autonomy.

International Agreements

Treaties or accords reached between countries, typically involving cooperation on mutual interests or common goals.

Colonialism

The practice of acquiring full or partial control over another country, occupying it with settlers, and exploiting it economically, often associated with imperialism.

Poverty

A condition where individuals lack sufficient income or resources to achieve a minimum standard of living.