Revenue Is Recognized in the Accounting Period in Which the Performance

question 148

Multiple Choice

Revenue is recognized in the accounting period in which the performance obligation is satisfied. This statement describes the

• A) consistency characteristic.
• B) expense recognition principle.
• C) revenue recognition principle.
• D) relevance characteristic.

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Definitions:

FDA Endorsement

An official approval by the U.S. Food and Drug Administration confirming the safety and effectiveness of a product.

Dietary Supplements

Products containing nutrients or other ingredients intended to supplement the diet, such as vitamins, minerals, herbs, or amino acids.

Warning

A statement or event that alerts individuals about a potential danger, error, or problem.

Kosher Meals

Food prepared according to Jewish dietary laws, including the avoidance of certain ingredients and the separation of meat and dairy products.