The Revenue Recognition Principle Dictates That Revenue Be Recognized in the Accounting

question 29

Multiple Choice

The revenue recognition principle dictates that revenue be recognized in the accounting period

• A) before it is earned.
• B) after it is earned.
• C) in which the performance obligation is satisfied.
• D) in which it is collected.

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Definitions:

Traits

Enduring personal qualities or attributes that influence behavior, thoughts, and emotions.

Achievement-Striving

A personality trait characterized by a strong desire to accomplish significant tasks and meet high standards of performance.

Self-Discipline

The ability to control one's feelings and overcome one's weaknesses; the ability to pursue what one thinks is right despite temptations to abandon it.

Conscientiousness

A personality trait characterized by being diligent, careful, thorough, self-disciplined, and responsible.