When is this revenue reportable on the financial statements for Northern?
A) Fiscal year ended June 30, 2013.
B) Fiscal year ended June 30, 2012.
C) Half in 2012 and half in 2013.
D) Pro-rated between the two fiscal years based on the number of summer school days in each reporting period.

Question

Quizplus · Accepted Answer

Revenue should be recognized in the period it is earned. If the revenue is related to summer school, it should be pro-rated based on the number of days in each fiscal year.

When Is This Revenue Reportable on the Financial Statements for Northern