Revenue Is Properly Recognized

question 12

Multiple Choice

Revenue is properly recognized:

• A)When the customer makes an order.
• B)Only if the transaction creates an account receivable.
• C)At the end of the accounting period.
• 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:

Internalized Values

Values and norms that an individual adopts from society or particular culture, which then guide their behavior and decisions.

Person-centered Therapy

A therapeutic approach that emphasizes the importance of viewing the client as the central focus of therapy, with innate abilities for self-growth.

Conditions of Worth

Conditions imposed by others that must be met in order for an individual to receive respect or love, often leading to the suppression of true self.

Control

The power to influence or direct people's behavior or the course of events.