The Rule That (1)requires Revenue to Be Recognized When Goods

question 102

Multiple Choice

The rule that (1) requires revenue to be recognized when goods or services are provided to the customer and (2) at the amount expected to be received from the customer is called the:

• A)Going-concern assumption.
• B)Measurement (Cost)principle.
• C)Revenue recognition principle.
• D)Objectivity principle.
• E)Business entity assumption.

---

Definitions:

Multicellularity

The state of being composed of multiple cells that are organized into tissues and organs, allowing for specialization and increased complexity in organisms.

Indulgent Parenting

A style in which parents are highly involved with their children but place few demands or controls on them. This is associated with children’s social incompetence, especially a lack of self-control and a lack of respect for others.

Self-control

The ability to regulate one's emotions, thoughts, and behaviors in the face of temptations and impulses.

Monitors

Devices or people appointed to observe, check, and keep a continuous record of a process or situation.