1. The FASB and the IASB agreed that the fundamental characteristic of revenue recognition is that?

a. the term revenue means different things to different companies in different countries.

b. revenue should be recognized when it is earned.

c. revenues are recognized and measured based on changes in assets and liabilities.

d. the number of disclosures required for revenue recognition should be held to a minimum.

2. Revenues are recognized when

Select one:

a. net assets increase or decrease as a result of any company activity.

b. net assets increase or decrease as a result of primary operating activities.

c. net assets increase as a result of any company activity.

d. net assets increase as a result of primary operating activities.

Answer rating: 100% (QA)

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