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    Question

    Under cash basis accounting, revenue is recorded

    when:
    A Earned, irrespective of cash receipt Correct Answer Incorrect Answer
    B Cash is received Correct Answer Incorrect Answer
    C Credit is extended Correct Answer Incorrect Answer
    D Invoice is issued only Correct Answer Incorrect Answer
    E At year end only Correct Answer Incorrect Answer

    Solution

    Cash basis recognises revenue on receipt of cash.

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