On December 15, 2013, a company receives an order from a customer for services to be performed on December 28, 2013. Due to a backlog of orders, the company does not perform the services until January 3, 2014. The customer pays for the services on January 6, 2014. When should revenue be recorded by the company?
A) December 15, 2013
B) January 3, 2014
C) December 28, 2013
D) January 6, 2014
Correct Answer:
Verified
Q2: Under the revenue recognition principle,a business should
Q4: People using the cash basis of accounting
Q5: Which of the following transactions would be
Q6: An expense incurred in 2013 is not
Q14: An accrual refers to an event:
A) where
Q17: A company using the cash basis of
Q19: The accounting principle which tells accountants when
Q20: An accountant who records a transaction only
Q103: Accrual accounting is more complex than the
Q120: The cash basis of accounting records the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents