Otto's Tune-Up Shop Follows the Revenue Recognition Principle

question 180

Multiple Choice

Otto's Tune-Up Shop follows the revenue recognition principle.Otto services a car on August 31.The customer picks up the vehicle on September 1 and mails the payment to Otto on September 5.Otto receives the check in the mail on September 6.When should Otto show that the revenue was recognized?

• A)August 31
• B)August 1
• C)September 5
• D)September 6

Examine the legal implications of debt collection practices and consumer privacy, focusing on fair treatment and the legal boundaries of debt collectors' actions.

Understand the importance of verifying the authenticity of websites and the significance of thoroughly reviewing forms before submission.

Develop skills to effectively interpret and integrate information from graphics in technical reading.

Apply strategies to enhance focus and attentiveness while reading texts with graphical information.

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Definitions:

Counteroffer

A counteroffer is an offer made in response to another, rejecting the initial offer and proposing new terms for an agreement.

Acceptance

In contract law, it's the expression of agreement to the terms of an offer, which then creates a legally binding contract.

UCC

The UCC serves as an extensive legal base for regulating commercial transactions of all kinds across the United States.

Mirror Image

In contract law, this principle states that an acceptance of an offer must not change the terms of the original offer for a valid contract to be formed.