Revenue should be recognised when:
(i)it can be reasonably measured in dollar terms
(ii)cash,a promise of cash,or other asset,has been received
(iii)most of the costs of generating the revenue have been incurred,and those remaining can be measured with reasonable accuracy.
A) (i)and (ii)only
B) (i)and (iii)only
C) (ii)and (iii)only
D) (i),(ii)and (iii).

Question

Revenue should be recognised when: 
(i)it can be reasonably measured in dollar terms
(ii)cash,a promise of cash,or other asset,has been received
(iii)most of the costs of generating the revenue have been incurred,and those remaining can be measured with reasonable accuracy.
A) (i)and (ii)only
B) (i)and (iii)only
C) (ii)and (iii)only
D) (i),(ii)and (iii).

Quizplus · Accepted Answer

Revenue should be recognised when it can be reasonably measured in dollar terms, cash, a promise of cash, or other asset, has been received, and most of the costs of generating the revenue have been incurred, and those remaining can be measured with reasonable accuracy.

Revenue Should Be Recognised When