A. Which of the following is not one of the four conditionsthat normally must be

Question

A. Which of the following is not one of the four conditionsthat normally must be met for revenue to be recognized according tothe revenue principle for accrual basis accounting?

       a.The price is fixed or determinable.

       b.Services have been performed.

       c.Cash already has been collected.

       d.Evidence of an arrangement for customer payment exists.

       a.Where on the income statement expenses should be presented.

       b.How costs are allocated between Cost of Goods Sold (sometimescalled Cost of Sales)

and general and administrative expenses.

       c.The ordering of current assets and current liabilities on thebalance sheet.

       d.When costs are recognized as expenses on the income statement.

Explanation / Answer

A a B d

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