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Using accrual-basis accounting, Bills Company should record revenue on January 11, 2016
A corporation can use accrual accounting, a financial accounting technique, to capture revenue before getting payment for goods or services sold and expense data as it is incurred.
In other words, irrespective of when money changes hands, the revenue made and expenditure related are recorded in the company's journal. Cash method of accounting, which records revenue when the products and services are actually purchased, is sometimes contrasted with accrual accounting.
When there are numerous credit transactions or when items and services are sold on credit, which essentially implies there was no exchange of cash, accrual accounting is often advantageous for firms.
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Using accrual-basis accounting, on which date should Bills Company record revenue for the accounting and tax services?
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