Firms Recognize Revenue

Multiple Choice

Firms recognize revenue

A) when they have completed an earnings process or performed most or all of their obligations to customers, usually the delivery of a product or service.
B) when they have received cash or a receivable capable of sufficiently reliable measurement.
C) using the percentage-of-completion method when the firms sell products under long-term contracts, such as construction companies.
D) using the completed contract method [U.S.GAAP, only] when firms cannot reasonably estimate revenues and costs.
E) all of the above