If a car is serviced on 31 May and an invoice is issued,the owner picks up the car on 31 May,the owner sends a cheque to the servicing firm on 4 June,and the firm banks the cheque on 7 June,income is recognised by the servicing firm on
A)31 May
B)4 June
C)7 June
D)5 June

Question

Quizplus · Accepted Answer

Income is recognized when the service is performed, which is on 31 May when the car is serviced and the invoice is issued.

If a Car Is Serviced on 31 May and an Invoice