16. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendered. True False

Shipping cost for goods sold to customers, in transit, shipped f.o.b. point of shipment be classified as a current liability? True O False

Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy, Cut off, or Classification

Which of the following is not a criterion that must be met for an item to be classified as a liability? A certain cash payment will occur in the future. A sacrifice will require the entity’s assets or services. There is a probable future sacrifice. There is a present obligation that results from a past transaction.