Revenue Can Be Recognized Either When It Is Earned or Collection

question 142

True/False

Revenue can be recognized either when it is earned or collection has occurred or reasonably certain to occur.

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Definitions:

Bransford And Johnson

refers to a model of memory and understanding proposed by John Bransford and Marcia Johnson, emphasizing the importance of context in comprehension.

Context

The circumstances or surroundings relevant to a particular event, statement, or idea which can influence its meaning or interpretation.

Recall

The mental process of retrieving information from the past, an important aspect of memory function.

Ideas

Mental representations or thoughts that an individual has. They constitute a fundamental component of cognitive processes.