The Revenue Recognition Principle Indicates That Revenue Is Recognized When

question 81

Multiple Choice

The revenue recognition principle indicates that revenue is recognized when
I.The benefits can be measured reliably.
II.The sales transaction is initiated and completed.
III.It is probable the benefits will flow to the company.
IV.The date of sale, date of delivery, and billing have all occurred.

• A)I, II, and III.
• B)II and III.
• C)I and III.
• D)I, II, III and IV.

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Definitions:

Tabula Rasa

The idea that individuals are born without built-in mental content, and all knowledge comes from experience or perception.

Piaget

Jean Piaget was a Swiss psychologist known for his pioneering work in child development, focusing on the nature of children's thinking and learning processes.

Predisposition

A natural inclination or tendency to behave in a certain way or to develop a particular condition or disease.

Intellectual Charge

The stimulation or engagement of the mind through learning, thinking, and intellectual activity.