Asked by Efrain Lomeli on May 10, 2024
Verified
All of the following are criteria for revenue recognition under the SEC except
A) persuasive evidence of an exchange arrangement exists.
B) delivery has occurred or services have been rendered.
C) collectibility is reasonably assured.
D) the buyer's price to the seller cannot be determined until future performance occurs.
Revenue Recognition
The principle that determines the specific conditions under which revenue is recognized or accounted for.
SEC
The Securities and Exchange Commission, a U.S. government agency responsible for regulating and enforcing federal securities laws.
Persuasive Evidence
Information or documentation that reliably confirms the occurrence of a transaction or the reality of an asset or liability, meeting certain criteria to be recognized in financial statements.
- Acknowledge the benchmarks for revenue recognition set by U.S. GAAP and IFRS.
Verified Answer
Learning Objectives
- Acknowledge the benchmarks for revenue recognition set by U.S. GAAP and IFRS.
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