Which of the following is a claims exchange transaction?
A)Recognized revenue earned on a contract where the cash had been collected at an earlier date
B)Issued common stock
C)Provided services on account
D)Purchased land for cash

Question

Quizplus · Accepted Answer

Recognized revenue earned on a contract where the cash had been collected at an earlier date is a claims exchange transaction because it involves the exchange of a claim for cash.

Which of the Following Is a Claims Exchange Transaction