Beth operates a plumbing firm. In August of last year she signed a contract to provide plumbing services for a renovation. Beth began the work that August and finished the work in December of last year. However, Beth didn't bill the client until January of this year and she didn't receive the payment until March when she received payment in full. When should Beth recognize income under the accrual method of accounting?
A. In March of this year
B. In December of last year
C. In January of this year
D. In April of this year
E. In August of last year
Answer: B
You might also like to view...
Misrepresentation by ________ means actually lying about an issue for which both parties are seeking the same outcome.
Fill in the blank(s) with the appropriate word(s).
The sum of the probabilities of two complementary events is
A. 0. B. 0.5. C. 0.57. D. 1.0.
Which of the following statements is true about the values statement of an organization?
a. It is used to formulate the mission statement. b. It reflects the organization's culture by identifying beliefs about what is important to the organization. c. It focuses on long-range plans for the organization. d. The values contained in the statement must be quantifiable.
Op-eds are a type of direct sales pitch for a company or a product
Indicate whether the statement is true or false