When Following ASPE,all of the Following Criteria Must Be Satisfied

question 41

Multiple Choice

When following ASPE,all of the following criteria must be satisfied in order to recognize revenue for the sales of goods under the earnings based approach,except

• A)the service has been performed.
• B)the risks and rewards have been transferred to the customer.
• C)the seller has no continuing involvement.
• D)collection is reasonably assured.

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Net Investment

The total amount spent on acquiring, maintaining, and improving fixed assets, minus depreciation.

Marginal Tax Rate

The rate at which the last dollar of a taxpayer's income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Market Value

The current price at which an asset or service can be bought or sold.