Under Which One of the Following Situations Can a Company

question 154

Multiple Choice

Under which one of the following situations can a company recognize revenue underGenerally Accepted Accounting Principles?

• A)A company purchased raw materials to complete production of a customer order.
• B)A company completes production of a customer order to be delivered in two weeks.
• C)A customer signs a contract to purchase goods to be delivered in two weeks.
• D)A company receives a cash deposit from a customer to deliver goods in two weeks.
• E)A company ships the goods for which it received a deposit two weeks ago.

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Definitions:

Public Instance

Refers to an instance variable or method that can be accessed from any other class, without any restrictions.

Indexed Variables

Variables in an array or collection that are accessed via their position or index in the structure, allowing for efficient data retrieval.

Character Array

An array that holds characters, commonly used to store strings of text in programming.

String Object

An object in programming that represents a sequence of characters used to store and manipulate text.