What does the phrase, "Revenue is recognized at the point of sale" mean?
a. Revenue is recorded in the accounting records when the goods are received from a supplier, and reported on the income statement when sold to the customer.
b. Revenue is recorded in the accounting records and reported on the income statement when the cash is received from the customer.
c. Revenue is recorded in the accounting records when the goods are sold to a customer, and reported on the income statement when the cash payment is received from the customer.
d. Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer.
d
You might also like to view...
On July 1, 20xx, Tobias Corporation had 20,000 shares of its $100 par value common stock outstanding. On July 2, 20xx, Tobias declared a 15 percent stock dividend to be distributed on August 6, 20xx, to shareholders of record on July 16, 20xx. What amount of retained earnings should be transferred to contributed capital because of this dividend?
a. None b. Market value of the stock at the date of distribution multiplied by the number of dividend shares c. Market value of the stock at the date of declaration multiplied by the number of dividend shares d. Par value per share multiplied by the number of dividend shares
Which of the following is a correct statement regarding a PPO?
a. It is basically an indemnity policy between the insured and the insurance company. b. It covers speculative and non speculative risks. c. It is a group of health care providers owned by one organization. d. It contracts with various hospitals and physicians to provide health care to its members. e. It provides universal and variable health insurance.
According to contract compliance, contractors and subcontractors with $1,000-$50,000 in government business and with 40 or less employees must prepare and implement written affirmative action plans.
Answer the following statement true (T) or false (F)
Copy A of the Form W-2 is a red scannable form that is sent directly to the Internal Revenue Service to track all wages for federal income tax and social security purposes.
Answer the following statement true (T) or false (F)