The Core Revenue Recognition Principle Has Two Requirements for Recognizing

question 18

Multiple Choice

The core revenue recognition principle has two requirements for recognizing revenue. Which of the following is one of these requirements?

• A)The customer has paid for the goods or services.
• B)Delivery of goods or performance of service has occurred or is scheduled to occur.
• C)The amount the company expects to receive is determinable.
• D)The customer has signed a contract.

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Definitions:

Change Shape

A function that allows the modification of the form or outline of objects in graphical or design software.

Keep Text Only

An option in data transfer or paste operations that strips away any formatting, leaving only the plain text.

Use Destination Theme

In software applications, the practice of applying the existing style and formatting of the destination document or presentation when inserting new content.

Keep Source Formatting

A feature in software applications that maintains the original formatting of copied or moved content when it is pasted into a new location.