Using the accrual basis of accounting,if payment is received after delivery of a good or service,an asset is recorded at the time the good or service was delivered.
BT: Comprehension

Question

Quizplus · Accepted Answer

This statement is true. The accrual basis of accounting recognizes revenue when it is earned, regardless of when payment is received. In this situation, an asset (typically an accounts receivable) is recorded at the time the good or service was delivered since payment was not yet received.

Using the Accrual Basis of Accounting,if Payment Is Received After