A Flower Shop Makes a Large Sale for $1,000 on November

question 236

Multiple Choice

A flower shop makes a large sale for $1,000 on November 30.The customer is sent a statement on December 5 and a check is received on December 10.The flower shop follows GAAP and applies the revenue recognition principle.When is the $1,000 considered to be recognized?

• A)December 5
• B)December 10
• C)November 30
• D)December 1

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Definitions:

Matriarchal Patterns

Social or familial systems in which women, especially mothers, hold primary power and authority.

Mixed Racial

Pertaining to individuals or groups composed of members from more than one racial background, often reflecting a diverse heritage.

Immigrants

Individuals who move from one country to another with the intention of settling permanently or for an extended period.

Latin America

is a region in the Americas characterized by countries that predominantly speak Romance languages (Spanish, Portuguese, and French) and share cultural, historical, and social similarities.