________ is the formal recording and reporting of revenues in financial statements.
A) Compliance
B) Materiality
C) Full disclosure
D) Matching
E) Revenue recognition

Question

Quizplus · Accepted Answer

Revenue recognition is the formal recording and reporting of revenues in financial statements. It is the process of determining when and how revenues should be recognized or recorded in an entity's financial statements, in accordance with generally accepted accounting principles (GAAP).

________ Is the Formal Recording and Reporting of Revenues in Financial