In a service-type business, revenue is recognized:
A)at the end of the month.
B)at the end of the year.
C)when the service is performed.
D)when cash is received.

Name: In a service-type business, revenue is recognized: A)at the end of the month. B)at the end of the year. C)when the service is performed. D)when cash is received.
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Question

Quizplus · Accepted Answer

Revenue in a service-type business is recognized when the service is performed, regardless of when cash is received, according to the accrual basis of accounting.

In a Service-Type Business, Revenue Is Recognized