As a general principle, under the accrual basis of accounting, the firm recognizes revenue when the transaction meets which of the following conditions?
a. Revenue is recognized when there is completion of the earnings process, only.
b. Revenue is recognized when there is receipt of assets from the customer, only.
c. Revenue is recognized when there is completion of the earnings process and receipt of assets from the customer.
d. Revenue is recognized when there is expiration of the warranty period, only.
e. Revenue is recognized when there is receipt of the final payment, only.
C
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Because of the increase in the use of technology, which of the following might help in determining what communications to work on first?
A) The date and time the message was received B) The information that best supports blogs and social networking feeds C) The filtering feature that identifies high priority items D) The attachment icon that indicates additional important information E) The sender name feature to identify internal and external messages
What are three reasons that overhead must be allocated to products?
Lorene, an artist, orally agrees to sell Sabrina a painting for $600 . While Lorene is busy talking on the phone, Sabrina writes her a note on the back of an envelope she finds in her purse. The signed note states that she will stop by the studio to pick up the painting within the week. Sabrina changes her mind about the painting, and when Lorene sues to enforce the contract, Sabrina defends on
the basis of the statute of frauds. Sabrina will succeed with this defense. a. True b. False Indicate whether the statement is true or false
If an asset is disposed of when it is fully depreciated and has no residual value, the business does not need to make a journal entry because the book value is zero
Indicate whether the statement is true or false