Which Statement Best Explains the Meaning of "Recognition" in Financial

question 9

Multiple Choice

Which statement best explains the meaning of "recognition" in financial reporting?

• A)Determining where items should be presented in the body of the financial statements.
• B)Presenting an item in the financial statements, rather than simply disclosing in the notes.
• C)Quantifying items so that they can be presented in the body of the financial statements.
• D)Presenting expenses in the same accounting period as the related revenues.

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Definitions:

IBM-Compatible

Refers to personal computers that are compatible with the original IBM PC standard, supporting the same software and hardware standards.

Rewind()

Rewind() is a function used in C to set the file position to the beginning of a file stream.

Fseek()

A standard library function in C that sets the file pointer to a specified location within a file, used for random file access.