Bookkeeper Certification Practice Test & Exam Prep

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Which timing is correct for a December consulting project completed on December 29 and billed on January 3 under accrual accounting?

Recognize revenue in December when the service was earned Recognize revenue when cash is collected on January 3 Record 50% when cash moves and 50% at month-end Do not record it until the financial statements are issued

Correct Answer:

Recognize revenue in December when the service was earned

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