Which of the Following Is True Regarding Revenue Recognition for Sales

question 51

Multiple Choice

Which of the following is true regarding revenue recognition for sales taxes,when reporting in the government-wide statements?

• A) Assets are recognized when the underlying exchange has occurred or when resources are received, whichever occurs first.
• B) Revenues are recognized when the underlying exchange has occurred.
• C) Both of the above are true.
• D) Neither of the above is true.

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Definitions:

Shaking A Rattle

An activity often used in developmental psychology studies to understand sensorimotor skills in infants.

Reinforcer

A stimulus or event that increases the likelihood of the repetition of the behavior that precedes it.

Intermittently Reinforced

A conditioning schedule where only some of the responses made are followed by reinforcement, known to produce behavior that is more resistant to extinction than continuous reinforcement.

Parents

The caregivers of offspring in their own species; in humans, typically refers to a child's biological or adoptive mother and father.