All revenue should be recorded conservatively and clearly,and:
A)recorded only when cash is collected.
B)quickly.
C)faithfully represent the facts.
D)All of the above.

Question

Quizplus · Accepted Answer

Revenue should be recorded in a way that faithfully represents the facts, ensuring that the financial statements accurately reflect the company's financial performance. Recording revenue only when cash is collected (A) is specific to the cash basis of accounting, not a general principle applicable to all revenue recognition. Recording revenue quickly (B) is not a principle of revenue recognition; the emphasis is on accuracy and proper timing according to the revenue recognition principle, not speed.

All Revenue Should Be Recorded Conservatively and Clearly,and