FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Flynn, a self-employed taxpayer, mows Rapunzel's lawn at the end of year 1. At the beginning of year 2, Rapunzel pays Flynn. If Flynn uses the accrual method of accounting, he will have gross income in which year? Year 1 Year 2
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Transcribed Image Text:Flynn, a self-employed taxpayer, mows Rapunzel's lawn at the end of year 1. At the beginning of year 2, Rapunzel pays Flynn. If Flynn uses the accrual method of accounting, he will have gross income in which year? Year 1 Year 2
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Accrual method of accounting is a method of accounting for expenses and revenues at the date of occurrence rather than the date of payment or receipt

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