The _____ basis of accounting typically recognizes revenue when a firm sells goods (manufacturing and retailing firms) or renders services (service firms), and recognizes expenses in the period when the firm recognizes the revenues that the costs helped produce
a. cash
b. accrual
c. funds flow
d. tax
e. none of the above
B
You might also like to view...
Whereas ________ is concerned with the means of getting things done, ________ is concerned with the ends, or attainment of organizational goals.
A. effectiveness; efficiency B. efficiency; effectiveness C. effectiveness; effability D. efficiency; experience
For an instrument to be negotiable it must
a. contain the word order or bearer. b. be written. c. contain the date the instrument was prepared. d. contain the word order or bearer and be written.
IMF stands for:
A) Internal Monetary Freedom B) International Medical Fraud. C) Intermediate Mandated Foundation. D) International Monetary Fund.
All business expenses, other than the cost of merchandise, required to operate a business such as payroll, rent, utilities, and insurance are known as net losses.?
Indicate whether the statement is true or false