Record revenue when or as work is done, not necessarily when cash is received.

Accrual accounting records revenue when the service is provided or the goods are sold, not necessarily when the cash is received. It gives a more accurate picture of a company's financial condition than cash accounting.

Explanation:

The phrase 'record revenue when or as work is done not necessarily when cash is received' refers to the accrual accounting method. In accrual accounting, revenues are recognized when they are earned (when the service is provided or the goods are sold), not necessarily when the cash is received. Conversely, expenses are recognized when they are incurred, not necessarily when they are paid. This method gives a more accurate picture of a company's financial condition than the cash accounting method, which records transactions only when cash changes hands. For example, if you perform a service for a client in December and don't get paid until January, under accrual accounting, you would record the revenue in December.

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