In __________, the organization will account for revenue in the period it was realized even though it was not paid for yet.

Question

Quizplus · Accepted Answer

Accrual accounting recognizes revenue when it is earned and expenses when they are incurred, regardless of when the cash is actually received or paid. This contrasts with cash basis accounting, where transactions are recorded only when cash changes hands.

In __________, the Organization Will Account for Revenue in the Period