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CTP · Question #654

(Topic 7) Under the strict cash basis of accounting, revenue is recorded when:

The correct answer is C. the funds are received. See the full explanation below for the reasoning.

Question

  • (Topic 7)

Under the strict cash basis of accounting, revenue is recorded when:

Options

  • Athe funds are disbursed.
  • Bsales agreements are finalized.
  • Cthe funds are received.
  • Dpurchase orders are confirmed.

How the community answered

(28 responses)
  • A
    4% (1)
  • B
    11% (3)
  • C
    82% (23)
  • D
    4% (1)

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