21:121 Classroom16. Revenue cannot berecognized unless delivery ofgoods has occurred or serviceshave been rendered.TrueFalse17. Accumulated depreciationaccounts may be referred to ascontra-asset accounts.TrueFalse18. Financial position may beassessed by referring to abalance sheet.TrueFalse

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

21:12
1 Classroom
16. Revenue cannot be
recognized unless delivery of
goods has occurred or services
have been rendered.
True
False
17. Accumulated depreciation
accounts may be referred to as
contra-asset accounts.
True
False
18. Financial position may be
assessed by referring to a
balance sheet.
True
False

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