Homework Help: bookkeeping

Posted by susue on Friday, April 6, 2012 at 10:35am.

what is the accounting system where you record revenue when the business earns it,and expenses at the time the business incurs them?
(a)cash
(b)GAAP
(c)accrual
(d)COGS
my answer is
c

what is the time period called from the time the business opens to the last day of the twelfth month?
(a)inventory year
(b)business year
(c)fiscal year
(d)COGS
my answer is c

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