under the accural method of accounting income is considered earned when all events have occurred which...
under the accural method of accounting income is considered earned when all events have occurred which fix the right to receive the income and when the amount of income can be determined with a reasonable accuracy true or false
Homework Answers
Answer: True
Under accrual method of accounting, income is considered earned when all the events have taken place, which confirm the right to receive the income and when the amount to be considered as income can be determined with reasonable accuracy irrespective of the fact when the consideration is actually received
Hence, the given statement is true as 2 tests (events which fix the right to receive the income, and income can be determined with a reasonable accuracy) are required to be considered under accrual method of accounting.
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under the accural method of accounting
income is considered earned when all events have occurred which...
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