Which of the following is not true about the Income Statement?
A) Amounts received from customers for services performed in the current month would be revenues on the income statement.
B) Costs incurred in the current month but not paid as of the end of the month would be expenses on the income statement for the current month.
C) Amounts received from customers in payment of their accounts arising from service in the prior period would be revenues in the income statement for the current period.
D) Amounts received from customer as deposits for services to be rendered next month will not be recorded as

Question

Quizplus · Accepted Answer

Amounts received from customers for services performed in a prior period are not recognized as revenue in the current period; they were already recognized as revenue when the service was performed.

Which of the Following Is Not True About the Income