Under Accrual Accounting, Revenue Is Recognized When

Multiple Choice

Under accrual accounting, revenue is recognized when

A) the firm has performed all, or most of, the services it expects to provide.
B) the firm has received cash, or some other asset such as a receivable, whose cash-equivalent value it can measure with reasonable precision.
C) the firm has significant uncertainty about the amount and timing of the cash inflows and outflows from the sales transaction.
D) both a and b must be present.
E) none of the above.