Under the Accrual Basis of Accounting

Multiple Choice

Under the accrual basis of accounting

A) Revenue is recorded in the period in which it is earned and expenses are recorded in the period in which incurred.
B) Expenses are recorded in the period in which they are incurred and revenue is recorded when payment is received.
C) Revenue and expenses are recorded when cash is received or paid.
D) When revenues and expenses are recorded is up to the owners and/or managers.