The Two Criteria That Need to Be Met in Order

question 53

Multiple Choice

The two criteria that need to be met in order revenue to be recognized are

• A) Work has been started and cash collection is reasonably assured.
• B) Work has been started and cash collection has occurred.
• C) Work has been substantially completed and cash collection is reasonably assured.
• D) Work has been substantially completed and cash collection has occurred.

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Definitions:

Ethics of Exchange

Moral principles that govern the conduct of transactions between buyers and sellers, ensuring fairness and honesty in the marketplace.

Consumer Bill of Rights

A set of principles established to protect the interests of consumers, typically advocating for safety, the right to be informed, the right to choose, and the right to be heard.

Morally Right

Pertains to actions or behaviors that align with ethical principles and societal standards of conduct, considered fair and just.

Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group.