Which of the following is not a condition for reporting revenue?
A)The goods or services have been delivered.
B)The customer has already paid for the good or service.
C)The price is fixed or determinable.
D)Collection is reasonably assured.

Question

Quizplus · Accepted Answer

The customer does not need to have already paid for the good or service in order to report revenue. Revenue can be recognized even if payment is expected to be received at a later date, as long as the other conditions are met (delivery has occurred, price is fixed, and collection is reasonably assured).

Which of the Following Is Not a Condition for Reporting