The Principle That (A) Requires Revenue to Be Recognized at the Time

question 188

Multiple Choice

The principle that (A) requires revenue to be recognized at the time it is earned, (B) allows the inflow of assets associated with revenue to be in a form other than cash,and (C) measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services is called the:

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

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Definitions:

Protestantism

A branch of Christianity that originated with the Reformation, a movement against what its followers perceived as errors in the Roman Catholic Church.

Capitalism

An economic system characterized by private ownership of the means of production, the operation for profit, and market competition.

Protestant Work Ethic

A concept emphasizing hard work, discipline, and frugality as a result of one's faith, historically linked to Protestantism and seen as a factor in the economic success of individuals and societies.

Nonmaterial Culture

Aspects of culture that are not physical, including beliefs, values, norms, and languages.