According to International Accounting Standards, revenue is recognized as income when:
A)a contract is signed to perform a service or deliver a good.
B)the transaction is complete and the goods or services are delivered.
C)payment is requested.
D)income taxes are paid.
E)All of the above.

Question

Quizplus · Accepted Answer

According to International Accounting Standards, revenue should be recognized when the transaction is complete and the goods or services are delivered. This is also known as the point of sale method. The other options listed do not accurately align with the recognition criteria for revenue under international accounting standards.

According to International Accounting Standards, Revenue Is Recognized as Income