Under GAAP, License and Permit Fees Should Be Recognized in the Fund

question 12

Multiple Choice

Under GAAP, license and permit fees should be recognized in the fund financial statements in the accounting period

• A)when collected.
• B)when collected, plus proceeds collected within 60 days of fiscal year-end.
• C)when earned.
• D)when earned, if collected within 60 days of fiscal year end.

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Definitions:

Freud

Sigmund Freud, an Austrian neurologist known as the founding father of psychoanalysis, a method for treating psychopathology through dialogue.

Neo-Freudians

A group of psychologists who, while inspired by Freud's theories, extended his ideas to include social and cultural factors in personality development and dynamics.

Psychoanalysis

A method of psychological therapy and analysis developed by Sigmund Freud, which emphasizes unconscious mental processes and childhood experiences as determinants of psychological health.

Freudian Theory

A set of psychoanalytic theories developed by Sigmund Freud that emphasizes unconscious motivations and conflicts as determinants of human behavior.