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1 Revenue generally should be recognized at the time of cash collection
1 Revenue generally should be recognized
| at the time of cash collection. |
| when the performance obligation is satisfied. |
| when realized. |
| at the end of production. |
2 Which view of the objectives of general purpose financial reporting do you regard as the most important? Why?
Expert Solution
-
Correct Asnwer is " When the performance obligation is satisfied"
Reasons:-
As per Financial Accounting Standards Board(FASB) define the principles for recognizing revenue when "Recognize revenue when the performance obligations are met".
-
According to my opinion, The most important view of the objective of general-purpose financial reporting is- to provide information to stakeholders who are engaged in making decisions about the allocation of resources.
The reason is that they want to know whether the entity is achieving its objectives and is operating economically and efficiently in carrying out its operations or not.
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