When does a company account for revenue if it uses cash basis accounting?
A)when services are performed,even though cash may be received at a later date
B)when cash is received after the service is performed
C)when the services are being performed
D)when cash is received,either prior to,at the time of,or after the services are performed

Question

Quizplus · Accepted Answer

In cash basis accounting, revenue is recognized when cash is actually received, regardless of when the services are performed.

When Does a Company Account for Revenue If It Uses