Under cash-basis accounting,
A) revenue is recorded when earned.
B) revenue is recorded when cash is received.
C) expenses are recorded when incurred.
D) expenses are recorded when due.
B
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The principle of insurable interest, in regards to a life insurance contract, is accurately described in which statement?
A) An agent establishes insurable interest B) An individual does not have insurable interest on his or her own life C) Insurable interest only pertains to business arrangements D) Insurable interest can be based on the love and affection of individuals related by blood or law
Assume that a call option has an exercise price of $1.50/£. At a spot price of $1.45/£, the call option has:
A) a time value of $0.04. B) a time value of $0.00. C) an intrinsic value of $0.00. D) an intrinsic value of -$0.04.