In cash basis accounting, revenue is recorded when cash is received, and expenses are recorded when they are paid
Indicate whether the statement is true or false
TRUE
You might also like to view...
AdVance focuses on traditional, chemical-rich fertilizers that deliver maximum yield for customers. With which of the following customers would AdVance be a good partner?
A) an organic heirloom grain farm B) a farm that grows the grain it feeds to the chickens it sells as "humanely raised, Earth-friendly" C) a farm that sells grain crops for export to the chemical processing industry that relies on volume D) a farm that acts as a learning lab for students in local elementary schools E) a hobby farm owned by residents of a nearby city
Sam is charged with the crime of theft and has also had a civil suit filed against him by the
victim. Which of the following could not be a consistent outcome? A) Not guilty in the criminal case, not liable in the civil case B) Guilty in the criminal case, not liable in the civil case C) Not guilty in the criminal case, liable in the civil case D) Guilty in the criminal case, liable in the civil case