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Accounting

In 2011 Costello Company performs work for a customer and bills the customer $10,000; it also pays expense of $3,000. The customer pays Costello in 2012. If Costello uses the accrual basis of accounting, then Costello will report:

A. revenue of $10,000 in 2011

B. revenue of $10,000 in 2012

C. expenses of $3,000 in 2012

D. net income of $7,000 in 2012

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M949489

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