Which of the following statements is true in regard to accrual accounting?
A. Revenue is recorded only when cash is received.
B. Expenses are recorded when they are incurred.
C. Revenue is recorded in the period when it is earned.
D.Revenue is recorded in the period when it is earnedand expenses are recorded when they are incurred.
Answer:D
Which of the following statements is true in regard to accrual accounting?
A. Revenue is recorded only when cash is received. B. Expenses are recorded when they are incurred. C. Revenue is recorded in the period when it is earned. D.Revenue is recorded in the period when it is earnedand expenses are recorded when they are incurred.