Revenue is reported on the income statement only if cash was received at the point of sale.

Name: Revenue is reported on the income statement only if cash was received at the point of sale.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Revenues are reported on the income statement when goods or services are provided to customers.It's quite common for a business to provide goods or services to customers,but not collect cash from them until a later time period.

Revenue Is Reported on the Income Statement Only If Cash