To be recorded in a period's accounting record, revenue must be:
A) earned and rendered
B) rendered and collected
C) earned and collectible
D) earned and collected

Name: To be recorded in a period's accounting record, revenue must be: A) earned and rendered B) rendered and collected C) earned and collectible D) earned and collected
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Revenue is recognized when it is earned and collectible, meaning the company has fulfilled its obligations and there is reasonable assurance of payment.

To Be Recorded in a Period's Accounting Record, Revenue Must