3.33 pts Which of the following statements, if any, is false? O Under the cash recelpts method, income is not recogeied untila payment is actually or construuctely recved. O Under the acorual method. Income is generally recognized when (1) all events have occurred that fx the ght to recelve income and (2 the amount to be received can be determined with reasonable accuracy. O Fa seller receives a payment from a customer in the form of a laptop computer instead of a more normal method uch s a cash, check or credit card payment) the receipt of the computer is not taxable to the seller becaune the seler did not receive any cash (or cash equvalen from the customer O A cash-basis setter does not have to recegnize any income at the time of a sale to a customer if the seler sells on its oven credit to the customer 8.e, where the seller risks not getting paid by the customerd O None of the above - they are all true statements
3.33 pts Which of the following statements, if any, is false? O Under the cash recelpts method, income is not recogeied untila payment is actually or construuctely recved. O Under the acorual method. Income is generally recognized when (1) all events have occurred that fx the ght to recelve income and (2 the amount to be received can be determined with reasonable accuracy. O Fa seller receives a payment from a customer in the form of a laptop computer instead of a more normal method uch s a cash, check or credit card payment) the receipt of the computer is not taxable to the seller becaune the seler did not receive any cash (or cash equvalen from the customer O A cash-basis setter does not have to recegnize any income at the time of a sale to a customer if the seler sells on its oven credit to the customer 8.e, where the seller risks not getting paid by the customerd O None of the above - they are all true statements
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3.33 pts
Which of the following statements, if any, is false?
O Under the cash recelpts method, income is not recogeied untila payment is actually or construuctely recved.
O Under the acorual method. Income is generally recognized when (1) all events have occurred that fx the ght to recelve income and (2 the
amount to be received can be determined with reasonable accuracy.
O Fa seller receives a payment from a customer in the form of a laptop computer instead of a more normal method uch s a cash, check or
credit card payment) the receipt of the computer is not taxable to the seller becaune the seler did not receive any cash (or cash equvalen
from the customer
O A cash-basis setter does not have to recegnize any income at the time of a sale to a customer if the seler sells on its oven credit to the
customer 8.e, where the seller risks not getting paid by the customerd
O None of the above - they are all true statements
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