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JAMB Principles of Accounts 1994 Question 49

Question 49

Public Sector Accounting

The cash basis of accounting requires the recognition of revenue only when they are

  1. A.due
  2. B.earned
  3. C.paid
  4. D.received
Show the answer and explanation

Answer: D (received)

Explanation

Under the cash basis, revenue is recorded only when the cash is actually received.