Revenue is earned when ________. A. the business has received cash from the customer B. the journal entry to record revenue has been prepared C. (or as) the business satisfies each performance obligation D. there is a binding agreement to provide goods or services

Revenue is earned when ________. A. the business has received cash from the customer B. the journal entry to record revenue has been prepared C. (or as) the business satisfies each performance obligation D. there is a binding agreement to provide goods or services

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

Revenue is earned when ________.

the business has received cash from the customer

the journal entry to record revenue has been prepared

(or as) the business satisfies each performance obligation

there is a binding agreement to provide goods or services

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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