Which of the Following Statements Is Correct

question 20

Multiple Choice

Which of the following statements is correct?

• A)Revenue is recognized at the time of shipment when goods are shipped FOB destination.
• B)Sales returns and allowances are reported as operating expenses on an income statement.
• C)Revenue is recorded when title and risks of ownership transfer to the buyer.
• D)Sales discounts are reported as operating expenses on an income statement.

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to increased interconnectedness and interdependence of the world's economies, cultures, and populations.

Just War

A theory in ethics and political philosophy that aims to determine under what conditions war can be deemed morally justifiable.

Globalization

The method of connecting and merging among individuals, corporations, and nations globally, frequently propelled by global commerce and investment and facilitated by information technology.

Cultural Differentialism

The perspective that cultures are distinctly different from one another and should be evaluated on their own terms rather than through the lens of another culture.