Which of the following refers to the method of accounting where revenues are recognized when they are earned and payment is reasonably assured?
A) actuarial accounting
B) managerial accounting
C) accrual basis accounting
D) LIFO accounting

Question

Quizplus · Accepted Answer

Accrual basis accounting is the method of accounting where revenues are recognized when they are earned and payment is reasonably assured. Actuarial accounting is the method of accounting used by the insurance industry. Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals. Lastly, LIFO accounting is a method of accounting for inventory where the last items purchased are assumed to be the first items sold.

Which of the Following Refers to the Method of Accounting