All of the following are criteria that revenues must meet according to the SEC Staff Accounting Bulletin No. 101 except
A) Persuasive evidence of an arrangement
B) Delivery or services planned but not necessarily rendered
C) Price fixed or readily determinable
D) Collectability reasonably assured

Question

Quizplus · Accepted Answer

The SEC Staff Accounting Bulletin No. 101 outlines criteria for revenue recognition, which include persuasive evidence of an arrangement, price being fixed or determinable, and collectability being reasonably assured. However, it requires that delivery has occurred or services have been rendered, not merely planned, for revenue to be recognized.

All of the Following Are Criteria That Revenues Must Meet