To Be Recognized, Revenues Must Also Be Realized or Realizable

question 20

Multiple Choice

To be recognized, revenues must also be realized or realizable and:

• A)foreseeable.
• B)collected.
• C)earned.
• D)shipped.

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Definitions:

Court Action

A legal proceeding in which a case is brought before a court.

Withhold Delivery

The act of not releasing goods or property until certain conditions are met.

Liquidated Damages

are a predetermined amount of money agreed upon in a contract that one party will pay to the other in the event of a breach.

Liquidated Damages

A predetermined sum agreed upon by the parties to a contract to be paid as compensation in the event of a breach.