Alfred Binet Was the First Person to Develop a Measure

question 26

True/False

Alfred Binet was the first person to develop a measure of intelligence.

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Definitions:

Cost Recovery Method

A revenue recognition method where no profit is recognized until the costs of the sold goods or services are fully recovered.

Installment Sales

A method of sale that allows the buyer to make payments over a period of time, while the seller recognizes income as payments are received.

Collectibility

The likelihood or ability of a company to collect payments from customers for goods or services provided, considered when recognizing revenue.

Completed Transaction Method

An accounting method that recognizes revenue and expenses only when a transaction has been completed.