Yes or No Questions

Assume that you are using the accrual accounting system. For the following situations, should you recognize the revenue today? 1. Receiving an order for goods to be delivered at a future date [Select ] 2. The sale of tickets (and receipt of cash) by the Philadelphia 76ers in February for a game that will be played in March. [Select] For the following situations, should you recognize the expense today? 3. Purchase of inventory, using cash, to be sold next month. [ Select] 4. Payment of rent for the next year, starting at the beginning of next month. [ Select]