The _______________ Requires That Revenue Is Recorded When It Is

question 58

Multiple Choice

The _______________ requires that revenue is recorded when it is received in cash and expenses are recorded when they are paid in cash.

• A) accrual basis of accounting
• B) cash basis of accounting
• C) hybrid basis of accounting
• D) GAAP basis of accounting

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Definitions:

Icebergs

Large pieces of freshwater ice that have broken off from a glacier or ice shelf and float in open water.

Glacier

A large, slow-moving mass of ice, formed from compacted snow and slowly flows over land.

Ice

Frozen water, existing in various forms in nature, including snow, glacial ice, and sea ice, playing a critical role in Earth's climate system.

Dense

Having a high degree of compactness or mass per unit volume.