Based on the Recognition Principle, Revenue Is Recorded on the Financial

question 63

Multiple Choice

Based on the recognition principle, revenue is recorded on the financial statements when the:
I.payment is collected for the sale of a good or service.
II.earnings process is virtually complete.
III.value of a sale can be reliably determined.
IV.product is physically delivered to the buyer.

• A)I and II only
• B)I and IV only
• C)II and III only
• D)II and IV only
• E)I and III only