The Principle That (1)requires Revenue to Be Recognized at the Time

question 177

Multiple Choice

The principle that (1) requires revenue to be recognized at the time it is earned, (2) allows the inflow of assets associated with revenue to be in a form other than cash and (3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:

• A)Going-concern principle
• B)Cost principle
• C)Revenue recognition principle
• D)Objectivity principle
• E)Business entity principle

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Definitions:

Fuel Economy

A measure of how far a vehicle can travel on a given amount of fuel, often expressed in miles per gallon or liters per 100 kilometers.

Categorical Variable

A variable that can take on values that are names or labels, representing discrete categories or groups.

Scatterplot

A type of graph used in statistics to display values for typically two variables for a set of data, allowing for the observation of relationships.

Cases

Instances or occurrences of a particular disease or condition being studied.