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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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