In February of Each Year, the Carlton Hotel Holds a Very

question 39

Multiple Choice

In February of each year, the Carlton Hotel holds a very popular wine tasting event. Tickets must be ordered and paid for in advance, and are typically sold out by November of the preceding year. The recognition principle indicates that the revenue from these ticket sales should be recognized in the period in which the:

• A) Order is placed.
• B) Wine tasting is held.
• C) Payments are received.
• D) Expenses associated with the wine tasting are paid in full.

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