Are Advanced Receipts from Customers Treated as Revenue at the Time

question 142

Multiple Choice

Are advanced receipts from customers treated as revenue at the time of receipt? Why or why not?

• A) Yes, they are treated as revenue at the time of receipt because the company has access to the cash.
• B) No, the amount of revenue cannot be adequately determined until the company completes the work.
• C) Yes, The intent of the company is to perform the work and the customer is confident that the services will be completed.
• D) No, revenue cannot be recognized until the work is performed.

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Definitions:

Counselling Psychologist

A professional in psychology who specializes in offering therapies and techniques for dealing with mental health issues, personal challenges, and life stresses.

Severe Mental Health

Refers to a significant level of dysfunction in mental health conditions that impact an individual's thoughts, feelings, and behaviors.

Psychoanalytic

Pertaining to a theory and therapeutic method developed by Sigmund Freud, focusing on unconscious motivations and conflicts as determinants of human behavior.

Client-Centred Therapies

Psychological treatments that emphasize the client's self-discovery, self-acceptance, and a growth-oriented process, developed by Carl Rogers.