According to Generally Accepted Accounting Principles,a Sale Is Recognized When

question 75

Multiple Choice

According to generally accepted accounting principles,a sale is recognized when

• A) cash is received from the customer.
• B) inventory is removed from the warehouse.
• C) inventory becomes the legal property of the customer.
• D) a sales order is approved by sales, inventory control, and credit departments.

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Definitions:

Abbasids

A dynasty that ruled the Islamic Caliphate from 750 to 1258, known for their cultural achievements and the establishment of Baghdad as their capital.

Umayyad Caliphs

Leaders of the Umayyad dynasty, which was the second of the four major Islamic caliphates established after the death of Muhammad.

Initial Spread

The early phase of dissemination or expansion of an idea, disease, technology, etc., from its point of origin to new areas.

Mamluk

Arabic, “slave.” Also the name of the Muslim dynasty of former Turkish slaves that ruled Egypt from 1250 to 1517.