Which One of the Following Statements Regarding the Revenue Recognition

question 92

Multiple Choice

Which one of the following statements regarding the Revenue Recognition Principle and Expense Recognition (Matching) Principle is true?

• A)According to the revenue principle,a company should not record the revenue from a transaction until it is actually received in cash.
• B)Expenses are recorded when the company uses goods or services.
• C)The Expense Recognition (Matching)principle requires that expenses be determined first and then revenues be "matched" to those expenses.
• D)The revenue and expense accounts on the income statement continue to have an impact beyond the current period,whereas balance sheet items report the financial impact in just the current period.

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Definitions:

Industrial Working Class

A socio-economic class comprised of individuals employed in industrial sectors, often involving manual labor and receiving wages for their services.

Craft Workers

Skilled laborers who produce goods or provide services with a particular expertise, often by hand or using traditional methods.

Analysis Of Work

Examination of job roles and processes to understand task requirements, efficiency, and workplace dynamics.

Braverman And Zuboff

Scholars known for their contributions to the understanding of labor and technology in the workplace, with Braverman focusing on the degradation of work and Zuboff on how technology transforms work.