To Be Recognized,revenues Must Also Be Realized or Realizable and

question 93

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:

Output

In economic terms, output refers to the total amount of goods and services produced by an economy or a firm.

Average Total Cost

The cost per unit of output, calculated by dividing the total cost of production by the total number of units produced.

Marginal Revenue

The added revenue procured by vending an additional unit of a good or service.

Business

An organized effort by individuals to produce and sell goods and services for profit.