Question

Revenue is properly recognized: Multiple Choice When the customer makes an order. Only if the transaction creates an account receivable. At the end of the accounting period. When goods or services are provided to customers and at the amount expected to be received from the customer. When cash from a sale is received.

Answer 1

Revenue in a business transaction is recognized When goods or services are provided to customers and at the amount expected to be received from the customer.

What is revenue?

• Refers to the amount paid to a company for the provision of goods and services.
• Can only be recognized when that good or service has been provided to the customer.

Until a good or service is provided to the customer who bought it, revenue should not be recognized because it has not been earned by a company.

In conclusion, option C is correct.

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