商业财务第 1172 / 1605 题
Under cash-basis accounting, a contractor records income when:
a.The work is 50% complete
b.Cash is actually received
c.The contract is signed
d.The invoice is mailed
解析
Cash-basis accounting records income only when cash is actually received and expenses only when actually paid. It is simple but can distort profitability on projects that span the recording of revenue and costs in different periods.
免费刷完整 1605 道题库 — 无需注册。
同考点相关题目
- For how long should a contractor generally retain business and tax records to support filed returns and defend against audits?
- Accurate job-cost records are important primarily because they:
- Which record-keeping method records revenue when it is EARNED and expenses when they are INCURRED, regardless of when cash changes hands?
- A city business license (business tax certificate) is:
- A building permit for a construction project is generally obtained from:
- A contractor who performs work requiring a license without being properly licensed at all times during the project: