The Revenue Recognition Principle

question 111

Multiple Choice

The revenue recognition principle

• A) is not in conflict with the cash method of accounting
• B) determines when revenue is credited to a revenue account
• C) states that revenue is not recorded until the cash is received
• D) controls all revenue reporting for the cash basis of accounting

Appreciate the impact of international financial reporting standards (IFRS) on global investing and accounting practices.

Understand the characteristics of accounting information, such as timeliness, consistency, and comparability.

Grasp the regulatory framework surrounding financial reporting and the roles of various regulatory bodies.

Discern the differences and similarities between IFRS and U.S. GAAP, and recognize the forces driving the adoption of IFRS.