What does the phrase, "Revenue is recognized when earned" 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
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An investor buys a stock for $10,000 and earns dividends of $250 during the course of the year. At the end of the year, the stock is worth $9,300. The dividend yield for the year is
A. ?2.5 percent. B. 2.5 percent. C. 4.5 percent. D. ?7.0 percent.
Which of the following is a tax borne by the employer but not the employee?
a. State income tax b. FUTA tax c. Medicare tax d. Social security tax
According to Statements on Standards for Tax Services No. 1, a tax practitioner can recommend a tax return position:
A. only if the position meets the "clear and convincing evidence" standard. B. if the position complies with the standards imposed by the applicable tax authority. C. only if the position meets the "more likely than not" standard. D. if the position is frivolous and disclosed on the tax return. E. None of the choices are correct.
Which of the following things should be stated in a company's substance abuse policy:
a. what will be done with the results of a drug test b. the drug employees most commonly test positive for c. what percentage of employees test positive on average d. all of the other specific choices should be stated in a company's substance abuse policy e. none of the other specific choices should be stated in a company's substance abuse policy