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:

Antigen B

A specific marker, usually a protein, on the surface of certain blood cells, critical in determining blood type.

Anti-B Antibodies

Antibodies present in the plasma of individuals with type A blood, reacting against B antigens found on red blood cells in type B or AB blood.

Incompatible Donor(s)

Refers to a donor whose organs, tissues, or blood type do not match the recipient's, leading to possible rejection if transplanted.

Least Common

The smallest or rarest occurrence or item in a given set or category.