please explain why the option is correct and remainings are incorrec
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please explain why the option is correct and remainings are incorrect
Transcribed Image Text:To recognize revenue in a governmental fund, which of the following must occur?
Select
one:
a. The revenues must both be earned and collectible within two years.
b. The revenues must be collectible within the current period or soon enough thereafter to be used
to pay liabilities of the current period.
c. The revenues must only be earned.
d. The revenues are collected in cash.
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