Under Most Circumstances, in Order to Recognize Revenue

question 11

Multiple Choice

Under most circumstances, in order to recognize revenue:

• A)cash must have been received.
• B)the entity must expect to receive cash in the future.
• C)the entity must have paid for all expenses incurred in generating the revenue.
• D)the revenue must be realized or realizable, and earned.

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Definitions:

Louis Thurstone

A pioneering American psychologist known for his contributions to psychometrics and the theory of intelligence.

Robert Sternberg

A psychologist known for his theory on the triarchic theory of intelligence, which describes three distinct types of intelligence: analytical, creative, and practical.

Means-End Analysis

A problem-solving strategy that involves identifying the goal, determining the obstacles in the way, and taking steps to overcome them.

Overextension

In language acquisition, overextension is when a child applies a word too broadly, beyond its typical use, reflecting the developmental stage of understanding categories.