The receipt of cash is a revenue recognition criteria for
A)IFRS.
B)ASPE.
C)cash basis of accounting.
D)accrual basis of accounting.

Question

Quizplus · Accepted Answer

Revenue recognition under the cash basis of accounting occurs when cash is received, regardless of when the services were performed or goods were delivered. This contrasts with accrual basis accounting, where revenue is recognized when earned, not necessarily when cash is received.

The Receipt of Cash Is a Revenue Recognition Criteria for