Identify the Point at Which Revenue Would Be Recognised in Each

question 8

Multiple Choice

Identify the point at which revenue would be recognised in each of the following questions:
-At what point would you expect the builder of a football stadium to recognise revenue?

• A) during production
• B) on completion of production
• C) at point of sale or delivery
• D) when cash is received.

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Definitions:

Adjustments

Entries made in journal accounts at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.