Answered: An entry in which revenue is recorded…

An entry in which revenue is recorded when it is earned is consistent with which accounting concept? a) Cost principle b) Accrual basis c) Consistency principle d) Going concern assumption

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 1RQSC: Refer to Exhibit 9.1. Which accounts are relevant in the revenue cycle? Identify the relationships...

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Question

An entry in which revenue is recorded when it is earned
is consistent with which accounting concept?
a) Cost principle
b) Accrual basis
c) Consistency principle
d) Going concern assumption

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