What Triggered the Debris Avalanche That Caused the Destruction of Yungay

question 58

Multiple Choice

What triggered the debris avalanche that caused the destruction of Yungay, Peru?

• A) rainfall
• B) an earthquake
• C) volcanic activity
• D) snowmelt

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Definitions:

Revenue Recognition Principle

An accounting principle that dictates how and when revenue is accounted for and reported, emphasizing that income is recognized when earned, regardless of when cash is received.

Reporting Revenue

Reporting revenue involves the recognition and recording of income generated from the sales of goods or services in the financial statements of a corporation.

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet until earned.

Accrued Revenue

Revenue that has been earned but not yet received in cash or recorded by the accounting system.