Solved

Porite Company Recognizes Revenue in the Period in Which It

Question 41

Multiple Choice

Porite Company recognizes revenue in the period in which it records an asset for the related account receivable, rather than in the period in which the account receivable is collected in cash. Porite's practice is an example of:


A) Cash basis accounting.
B) Accrual accounting.
C) The matching principle.
D) Economic entity.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q37: The most recent example of the political

Q38: Listed below are five terms followed by

Q39: The primary function of financial accounting is

Q40: Contrast the asset/liability and revenue/expense approaches to

Q42: Enhancing qualitative characteristics of accounting information include

Q43: Listed below are ten organizations followed by

Q44: The FASB's standard-setting process includes, in the

Q45: The asset/liability approach emphasizes:<br>A) Whether amounts on

Q46: Equity is a residual amount representing the

Q65: Match the following terms with their definitions.<br>-Assets<br>A)Uses