Which of the following is true of the cash method of accounting? A. It's only available to C corporations with sales over $5 million.

B. A sale is entered into the books when the invoice is generated.

C. You pay taxes on revenue before you actually receive it.

D. Recording of income can be put off until the next tax year when the income is actually received.

D. Recording of income can be put off until the next tax year when the income is actually received.

Explanation:

The cash accounting system is one of the two accounting in use. The other one being the accrual method.

In cash accounting, revenues and expenses are recognized or recorded only when money changes hands. It means that transactions will be recognized in the period when the money is received or paid. Revenue will be recorded when money is received, and expenses will be recognized when payments are made. Practically, transactions from a previous period can be recognized in the following year when money is received.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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