Which of the Following Is Generally Not a Guideline for Recognizing

question 131

Multiple Choice

Which of the following is generally not a guideline for recognizing revenue?

• A)The sale or performance effort is substantially complete.
• B)Collection is reasonably assured.
• C)Management declares that revenue should be recognized.
• D)The amount is determinable.

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Definitions:

Predicts Future

The act of forecasting or estimating future trends, behaviors, or events based on current or past data.

Labour Expenses

The total costs incurred by an organization in compensating its employees, including salaries, benefits, and other related expenses.

Labour Force

The total number of people employed or actively looking for employment in a specific area or economy.

Outsourcing

The practice of hiring third parties to perform services or create goods that were traditionally performed in-house by the company's own employees and staff.