Income Is Considered to Have Been Earned When

question 19

Multiple Choice

Income is considered to have been earned when:

• A) it is probable that any income owing will be received and any outstanding expenses, such as warranty claims, can be identified.
• B) the activities necessary to generate the income are substantially complete.
• C) the amount of income generated can be reliably measured.
• D) all of the above.

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Definitions:

Antipoverty Programs

Government or organizational initiatives designed to reduce or eliminate poverty by providing assistance to the needy through services or financial aid.

Public Good

A good or service provided at no cost to every person in a society, delivered by either state institutions or a nonprofit private individual or organization.

Government Intervention

Actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and taxes.

Excludable

A characteristic of a good whereby it is possible to prevent people from enjoying the good unless they have paid for it.