typically recognized as revenue: a. when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. b when received c. when earned. d. to the extent
typically recognized as revenue: a. when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. b when received c. when earned. d. to the extent
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter9: Auditing The Revenue Cycle
Section: Chapter Questions
Problem 19MCQ
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Question
Fees for licenses and permits are typically recognized as revenue:
a. |
when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. |
b |
when received |
c. |
when earned. |
d. |
to the extent that related expenditures have been made if the fees are restricted as such. |
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