Under USGAAP,what Is a Condition for Revenue to Be Realized or or Realizable

question 128

Multiple Choice

Under U.S.GAAP,what is a condition for revenue to be realized or realizable?

• A)Cash or fixed claims to cash are received.
• B)Contracts are written as per negotiations.
• C)The company receives the right to bill with expectation of payment.
• D)Both A & C

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Definitions:

Colonialism

A practice of domination, which involves the subjugation of one people to another, often involving the exploitation of resources, cultures, and territories.

Creative Destruction

A concept in economics introduced by Joseph Schumpeter, referring to the process where new innovations lead to the demise of older technologies or structures.

Capitalism

An economic system characterized by private ownership of the means of production and the creation of goods or services for profit in a competitive market.

Centralized World

A global system in which political, economic, or cultural power is concentrated in a few central locations or authorities.