The Rule That (1) Requires Revenue to Be Recognized at the Time

question 119

Multiple Choice

The rule that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash, and (3) measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services, is called the:

• A) Going-concern assumption.
• B) Cost principle.
• C) Revenue recognition principle.
• D) Objectivity principle.
• E) Business entity assumption.

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Definitions:

Suicide Rates

The statistical measure of the number of suicide deaths in a given population during a specified period of time.

Ethnicity

A social group that shares a common and distinctive culture, religion, language, or the like, often connected by a shared sense of identity and heritage.

American Natives

Indigenous peoples of the Americas, including tribes, communities, and nations within North, Central, and South America.

Suicide Signs

Indicators or behaviors that may suggest a person is thinking about or planning to commit suicide.