To Address Inconsistencies and Weaknesses, a Comprehensive Revenue Recognition Model

question 11

Multiple Choice

To address inconsistencies and weaknesses, a comprehensive revenue recognition model was developed entitled the

• A)Revenue Recognition Principle.
• B)Principle-based Revenue Accounting.
• C)Rules-based Revenue Accounting.
• D)Revenue from Contracts with Customers.

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Definitions:

Escheat

Property of a decedent goes to the state if not disposed of by a will and if the decedent has no heirs.

Codicil

A supplemental modification of an existing will.

Organic Solidarity

Emile Durkheim’s concept to describe the form of social cohesion that exists in complex societies with a high division of labor. Such societies have an organic character because of the necessary interdependence of their specialized and highly individuated members.

Mechanical Solidarity

Emile Durkheim’s concept to describe the form of social cohesion that exists in small-scale societies that have minimal division of labor. In such societies, there is little specialization or individuation. The “conscience collective” embraces individual awareness.