Revenue Is Properly Recognized

question 130

Multiple Choice

Revenue is properly recognized:

• A) Only if the transaction creates an account receivable.
• B) At the end of the accounting period.
• C) When the customer makes an order.
• D) Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price.
• E) When cash from a sale is received.

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Definitions:

Technical Skills

Refer to specific abilities or knowledge areas that allow an individual to perform tasks related to their job effectively.

Problem Solving

The process of identifying issues and finding and implementing solutions to overcome or manage these issues effectively.

Interview Methods

Various techniques used during interviews to gather information, assess candidates, or make inquiries, including structured, semi-structured, and unstructured interviews.

Proactive

Taking initiative by acting in advance of future situations rather than just reacting to events as they happen.