Question 12. Question: The principle that( 1) requires revenue to be recognized at the time it is earned,( 2) allows the inflow of assets associated with revenue to be in a form other than cash and( 3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the:
Question 13. Question: Which of the following is the primary purpose of accounting?
To establish a business
business transactions
To identify, record and communicate
To deceive stockholders To keep from paying taxes To establish credit for a company
Question 12. Question: The principle that( 1) requires revenue to be recognized at the time it is earned,( 2) allows the inflow of assets associated with revenue to be in a form other than cash and( 3) measures the amount of revenue as the cash plus the cash equivalent value of any non-cash assets received from customers in exchange for goods or services is called the: