Which of the following statements is correct about the revenue recognition criteria for the provision of services?
A)The outcome of the transaction must be reliably estimable before the percentage of completion method can be used to record revenue.
B)Ownership must pass to the buyer before revenue can be recorded.
C)Stage of completion does not need to be reliably measurable.
D)Control must pass to the buyer before revenue can be recorded.

Question

Quizplus · Accepted Answer

The percentage of completion method requires that the outcome of the transaction be reliably estimable to recognize revenue as the service is performed.

Which of the Following Statements Is Correct About the Revenue