Recognition of revenue may be accompanied by which of the following?
A) A decrease in a liability.
B) An increase in a liability.
C) An increase in assets.
D) A decrease in a liability and an increase in assets.

Question

Quizplus · Accepted Answer

Recognizing revenue may be accompanied by either an increase in assets (cash or accounts receivable) or a decrease in liabilities (unearned revenue).

Recognition of Revenue May Be Accompanied by Which of the Following