Using accrual accounting, revenue is recorded and reported only
a. when cash is received without regard to when the services are rendered.
b. when the services are rendered without regard to when cash is received.
c. when cash is received at the time services are rendered.
d. if cash is received after the services are rendered.
Question 2
Charges for tuition for the current semester of a local college totaled 300,000 . Academic scholarships were awarded to students in the amount of 25,000 and tuition wavers were given to children of employees in the amount of 10,000 .
The college should report
a. revenues 300,000.
b. expenses of 35,000.
c. revenues of 275,000.
d. expenses of 10,000.
e. Both items a and b.
f. Both items c and d.
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