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

question 235

True/False

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

---

Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market balance.

Leather

A durable and flexible material created by tanning animal hides, used in making clothing, furniture, and various goods.

Leather Shoes

Footwear made from the treated and processed hides of animals, prized for durability, comfort, and style.