The rule that (1) requires revenue to be recognized when goods or services are provided to customers and (2) at the amount expected to be received from the customer is called the:
A. Objectivity principle.
B. Revenue recognition principle.
C. Business entity assumption.
D. Going-concern assumption.
E. Measurement (Cost) principle.
Answer: B
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Henri Fayol identified ______.
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A. an idea. B. an action. C. a service. D. a concept. E. a good.
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Answer the following statement true (T) or false (F)