Asked by Brandon Dagley on Apr 25, 2024
In accrual basis accounting, revenues are recorded when earned.
Accrual Basis Accounting
A method of accounting that records revenues when earned and expenses when incurred, regardless of when cash is exchanged.
Revenues
The income generated from normal business operations and includes discounts and deductions for returned merchandise.
- Grasp the concept of accrual basis accounting.
Learning Objectives
- Grasp the concept of accrual basis accounting.
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