As a Rule, Revenues Should Not Be Recognized in the Accounting

question 33

True/False

As a rule, revenues should not be recognized in the accounting records until received in cash.

---

Definitions:

Introduction

The initial part of a document, presentation, or speech that provides a background, sets the context, and outlines the main points.

Brief Explanation

A concise and clear description or clarification of a topic, concept, or process.

Photographs

Visual representations captured by a camera, recording images via light or other electromagnetic radiation.

Annual Reports

Yearly publications by an organization summarizing its operations, financial performance, and accomplishments to stakeholders.