Revenue generally should be recognized Select one: when realized. when the performance obligation is satisfied. at the time of cash collection. at the end of production.
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Revenue generally should be recognized
Select one:
when realized.
when the performance obligation is satisfied.
at the time of cash collection.
at the end of production.
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- A company should recognize revenue when a. the revenue is earned b. die contract is signed c. the seller satisfies the performance obligation d. the consideration is receivedWhy Revenue is recognized when performance obligations are satisfied, not necessarily when cash is received?Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product to be shipped B. Cash to be transferred C. Service to be booked D. Performance obligation be fulfill
- Define and explain multiple performance obligations. Discuss the accounting concepts behind reporting unearned income. Discuss how to report contingent liabilities.Which of the following is not an accepted basis for recognition of revenue?A. Passage of timeB. Completion of percentage of a projectC. Performance of serviceD. Upon signing of contractUsing accrual accounting, when is revenue recognized?A. When cash transfers B. When the performance obligation is fulfilled C. When products is received FOB shipping point D. When the products is shipped FOB destin
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