Unformatted text preview: collected as yet. - when goods are shipped to customers before payment or collection, an account recievable is recorded. pp14 4. (1 point) Under accrual accouting, a transaction is recognized on the income statement when the earnings process is completed, that is, when the goods and/or services have been delivered or performed or an expense has been incurred. pp 43 2.96 - Management in Engineering, Fall 2004 Massachusetts Institute of Technology Department of Mechanical Engineering Instructors: Professor Jung-Hoon Chun and Professor Alexander d'Arbeloff ext...
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- Spring '03
- Balance Sheet, Generally Accepted Accounting Principles, Professor Alexander d'Arbeloff, Massachusetts Institute of Technology Department of Mechanical Engineering Instructors, Professor Jung-Hoon Chun