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Which statement is incorrect? a. Revenues are income that arises from the ordinary course of business activities. b. Revenues may arise from decrease in liability from primary operations. c. Generally, revenue is recognized when the earning process is complete and a valid promise of payment has been received. d. Revenues arise from sale of goods or services, use of entity resources and disposal of noncurrent assets of the businesses. e. None of the above

Which statement is incorrect? a. Revenues are income that arises from the ordinary course of business activities. b. Revenues may arise from decrease in liability from primary operations. c. Generally, revenue is recognized when the earning process is complete and a valid promise of payment has been received. d. Revenues arise from sale of goods or services, use of entity resources and disposal of noncurrent assets of the businesses. e. None of the above

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 10MC: Which of the following is the principle that a business must report any business activities that...
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Which statement is incorrect?

a. Revenues are income that arises from the ordinary course of business activities.

b. Revenues may arise from decrease in liability from primary operations.

c. Generally, revenue is recognized when the earning process is complete and a valid promise of payment has been received.

d. Revenues arise from sale of goods or services, use of entity resources and disposal of noncurrent assets of the businesses.

e. None of the above

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