If a company is using the cash-basis method of accounting,when is revenue recorded?
A)When cash is received,at a time after the services were rendered
B)When services are rendered,even though cash may be received at a later date
C)When cash is received,either prior to the services being rendered or at a time after the services were rendered
D)When cash is received,prior to the services being rendered

Question

Quizplus · Accepted Answer

In cash-basis accounting, revenue is recorded when cash is received, regardless of when the services are rendered.

If a Company Is Using the Cash-Basis Method of Accounting,when