Revenue will be recognized when the following occurs as a result of a business activity with a customer.
A) There is an increase in assets.
B) There is an increase in liabilities.
C) There is a decrease in assets.
D) None of the above.

Question

Quizplus · Accepted Answer

Revenue is recognized when there is an increase in assets, such as receiving cash or accounts receivable, as a result of a transaction with a customer.

Revenue Will Be Recognized When the Following Occurs as a Result