The Recognition of Revenue May Result from the Settlement of a Liability

question 142

True/False

The recognition of revenue may result from the settlement of a liability rather than from the acquisition of an asset.

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Definitions:

Resources

Refers to all assets, capabilities, organizational processes, firm attributes, information, knowledge, etc., that a firm controls and can use to implement strategies and achieve its objectives.

Strategy Implementation

The process of putting plans, strategies, or policies into action to achieve strategic goals and objectives.

Strategic Plan

A long-term, overarching plan of action designed to achieve major goals and objectives within an organization.

Performance Goals

Specific, measurable targets set by an individual or team to achieve desired outcomes within a certain timeframe.