The _____ Basis of Accounting Typically Recognizes Revenue When a Firm

question 38

Multiple Choice

The _____ basis of accounting typically recognizes revenue when a firm sells goods (manufacturing and retailing firms) or renders services (service firms) , and recognizes expenses in the period when the firm recognizes the revenues that the costs helped produce.

• A)cash
• B)accrual
• C)funds flow
• D)tax
• E)none of the above

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Definitions:

Margin of Error

An expression of the amount of random sampling error in a survey's results, representing the range within which the true population parameter is expected to lie.

Margin of Error

The amount of error allowed in the results of a poll or survey, reflecting the confidence in the results.

Observations

Data collected during an experiment or research which are analyzed to gain insights and draw conclusions.

Confidence Intervals

A gamut of values, developed from the statistics of a sampling, with a high chance of containing the value of an unknown population parameter.