Under the cash basis of accounting: expenses are matched with the revenue that is produced. cash must be received before revenue is recognized. revenue is recognized when services are performed. a promise to pay is sufficient to recognize revenue
Under the cash basis of accounting: expenses are matched with the revenue that is produced. cash must be received before revenue is recognized. revenue is recognized when services are performed. a promise to pay is sufficient to recognize revenue
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 9GI: Give an example and explanation for each of the following differences between when revenues are...
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Under the cash basis of accounting:
expenses are matched with the revenue that is produced.
cash must be received before revenue is recognized.
revenue is recognized when services are performed.
a promise to pay is sufficient to recognize revenue.
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