Which of the following is/are true?
A)The seller measures revenue as the amount of cash, or the cash-equivalent value of other assets, that it receives from customers.
B)The seller measures revenue amounts as the exchange price between buyer and seller at the time of sale.
C)If the firm has not performed all of its obligations, it may make adjustments in the form of sales discounts and allowances.
D)If the firm has not performed all of its obligations, it may make adjustments in the form of sales returns.
E)all of the above are true

Question

Quizplus · Accepted Answer

All of the statements are true about measuring revenue. Revenue is measured as the amount of cash or cash equivalent value of assets received from customers (statement A), and revenue amounts are based on the exchange price between the buyer and seller at the time of sale (statement B). If the seller has not fulfilled all its obligations, it may need to make adjustments in the form of sales discounts and allowances (statement C) or sales returns (statement D).

Which of the Following Is/are True