In general, revenue is recognized when:
A. it is received in cash.
B. goods are shipped.
C. it is recorded in the sales journal.
D. an entity satisfies a performance obligation.
Answer: D
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The treasurer for Rahm Corp was preparing a bank reconciliation as of September 30, 2014 . The following items were identified: Rahm's book balance $32,800 Deposits in transit 4,300 Outstanding checks 2,200 Interest earned on checking account 100 Customer's NSF check returned by the bank 400 Rahm Corp's adjusted cash balance at September 30, 2014 is
a. $34,600 b. $34,900 c. $32,500 d. $32,800
A six-sided die is tossed 4times. The probability of observing four ones in a row is
A. 4/6. B. 1/6. C. 1/4096. D. 1/1296.
Answer the following statements true (T) or false (F)
1. The PERT/CPM planning technique is most useful for visualizing and illustrating everyday operations of an organization, but not for one-time projects. 2. The PERT/CPM planning technique utilizes the concept of a critical path to identify where there is no slack time within a sequence of activities regarding an organizational project. 3. Learning Objective: LO 10.3 Demonstrate how to design a delivery system using several methods, such as flow-charting, blueprinting, the universal service map, and PERT/CPM. 4. Simulations are only utilized by larger organizations because their service delivery systems are more complex.
For the current year, Phoenix Company reported income tax expense of $195,000 . Income taxes payable at the end of the prior year were $125,000 and at the end of the current year were $130,000 . The deferred tax liability classified as noncurrent that resulted from the use of MACRS for tax purposes and straight-line depreciation for financial reporting purposes increased from $120,000 at the
beginning of the current year to $123,000 at the end of the current year. How much cash was paid for income taxes during the year? a. $187,000 b. $197,000 c. $195,000 d. $190,000