Under US GAAP, What Is a Condition for Revenue to Be

question 74

Multiple Choice

Under U.S. GAAP, what is a condition for revenue to be realized or realizable?

• A) Cash or fixed claims to cash are received.
• B) Contracts are written as per negotiations.
• C) The company exchanges a good or service.
• D) Both A & C

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Definitions:

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment, a key indicator of economic health.

Labor Force

The total number of people both employed and actively seeking employment in an economy.

Labor Force Participation Rate

The labor force as a percentage of the adult population.

Adult Population

The adult population consists of all individuals in a certain region or country who are considered adults, typically based on achieving a specific legal age of majority.