40. A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees.
40. A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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40. A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees.
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- On a straight-line basis
- By reference to the stage of completion
- Upon collection of the fee
- When the significant risks and rewards are transferred to the customer
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