tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1 EY Accounting Assessmente Total 00 54 23 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 22 2 23 24 25 21 of 45 All 43 Question # 21 G Revisit Choose the best option Under the accrual basis of accounting, if cash is received prior to the sale, then: O Revenue is recognized when cash is received O A liability is recognized when cash is received O A liability is removed from the system when the cash is received O Revenue is removed from the system when the services have been performed or the goods have been delivered.

tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1 EY Accounting Assessmente Total 00 54 23 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 22 2 23 24 25 21 of 45 All 43 Question # 21 G Revisit Choose the best option Under the accrual basis of accounting, if cash is received prior to the sale, then: O Revenue is recognized when cash is received O A liability is recognized when cash is received O A liability is removed from the system when the cash is received O Revenue is removed from the system when the services have been performed or the goods have been delivered.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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