The Question of When Revenue Should Be Recognized on the Income

question 152

Multiple Choice

The question of when revenue should be recognized on the income statement (according to GAAP) is answered by the

• A) revenue recognition principle
• B) going concern principle
• C) currency principle
• D) business entity principle
• E) historical cost principle

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Definitions:

S Atoms

Sulfur atoms, which are nonmetallic elements with the atomic number 16 known for their yellow crystals and role in biological systems.

Mass

A measure of the amount of matter in an object, typically in kilograms or grams, independent of its volume or any forces acting on it.

Mole

A basic unit of measure in chemistry that represents a quantity of chemical substance containing approximately 6.022 x 10^23 particles, atoms, molecules, ions or electrons.

Silver

A precious metal with the chemical symbol Ag and atomic number 47, known for its conductivity and antibacterial properties.