What Does the Phrase "Revenue Is Recognized at the Point

question 18

Multiple Choice

What does the phrase "Revenue is recognized at the point of sale" mean?

• A)Revenue is recorded in the accounting records when the goods are received from a supplier and reported on the income statement when sold to the customer.
• B)Revenue is recorded in the accounting records and reported on the income statement when the cash is received from the customer.
• C)Revenue is recorded in the accounting records when the goods are sold to a customer and reported on the income statement when the cash payment is received from the customer.
• D)Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer.

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Definitions:

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