In Service Contracts, the General Rule Is That the Collection

question 16

True/False

In service contracts, the general rule is that the collection of cash is the critical event for revenue recognition.

---

Definitions:

Justified

Considered or declared to be right or reasonable under the circumstances, often used in legal, ethical, or moral contexts.

Spanish-American War

A conflict between Spain and the United States in 1898, resulting from U.S. intervention in the Cuban War of Independence, which led to U.S. acquisition of territories in the western Pacific and Latin America.

Black Units

Military units composed entirely or predominantly of African American soldiers, which have existed within various armed forces around the world.

Indian Wars

A series of conflicts between European settlers/colonists and Native American tribes over land rights and sovereignty, spanning several centuries in North America.