Using Accrual Accounting, Revenue Is Recorded and Reported Only

question 22

Multiple Choice

Using accrual accounting, revenue is recorded and reported only

• A) when cash is received without regard to when the services are rendered
• B) when the services are rendered without regard to when cash is received
• C) when cash is received at the time services are rendered
• D) if cash is received after the services are rendered

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Definitions:

Modified

Changed or altered from its original form or condition.

Without Reserve

In an auction context, it refers to the selling of items without any minimum bid requirement, allowing the sale to the highest bidder regardless of the bid amount.

Auctioneer

A person authorized to conduct auctions, responsible for accepting bids and declaring goods sold.

Statute Of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged, to prevent fraud and perjuries.