Question

if a company is using accrual basis​ accounting, when should it record​ revenue? question content area bottom part 1 a. when cash is​ received, even though services may be performed at a later date b. when services are​ performed, even though cash may be received at a later date c. before services are performed d. when cash is​ received, 30 days after the completion of the services

Answer 1

Revenue is only recorded on an accrual basis when money is received.

The method of accounting transactions for recording revenue when earned and expenses when spent is known as the accrual basis. The accrual basis mandates the use of provisions for sales returns, bad debts, and inventory obsolescence that are made before the occurrence of such events.

Accounting entries in the books of a company or business are referred to as accrual and accounts payable. Earned income and incurred expenses that have not yet been received or paid are known as accruals. Short-term debts that represent goods or services a business has received but hasn't yet paid for are known as accounts payable.

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