6. On an accrual basis under generally accepted accounting principles, revenue is recognized using the realization principle. Under this principle, revenues are usually recognized a. when cash is received. b. when the earnings process is complete. c. at the time a customer is billed. d. at the time a valid contract exists between seller and buyer.
6. On an accrual basis under generally accepted accounting principles, revenue is recognized using the realization principle. Under this principle, revenues are usually recognized a. when cash is received. b. when the earnings process is complete. c. at the time a customer is billed. d. at the time a valid contract exists between seller and buyer.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter5: Income Statement: Reporting The Results Of Operating Activities
Section: Chapter Questions
Problem 6Q
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