Solved

A Flower Shop Makes a Large Sale for $1,200 on November

Question 177

Multiple Choice

A flower shop makes a large sale for $1,200 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,200 considered to be recognized?


A) December 5.
B) December 10.
C) November 30.
D) December 1.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q9: Accounting time periods that are one year

Q77: Failure to prepare an adjusting entry at

Q82: If a resource has been consumed but

Q120: Which of the following statements related to

Q176: Uncle Tupelo's Gifts signs a three-month note

Q178: <sup> </sup>182. Buffalo Tom Cruises purchased a

Q179: At December 31, 2018, before any year-end

Q181: Scotsman Company prepares monthly financial statements. Below

Q182: <sup></sup> 163. Relevant accounting information<br>A) is information

Q220: Cash-basis accounting is in accordance with<br>A) GAAP