Under the cash basis of accounting:
A)revenue is recognized when services are performed.
B)expenses are matched with the revenue that is produced.
C)cash must be received before revenue is recognized.
D)a promise to pay is sufficient to recognize revenue.

Question

Quizplus · Accepted Answer

Under the cash basis of accounting, revenue is recognized only when cash is received, not when services are performed or promised.

Under the Cash Basis of Accounting