The core revenue principle states that: a. Companies recognize revenue when the goods or services are transferred to the customer in an arm's length transaction. b. Companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services. c. Companies recognize revenue when goods or services are transferred to the customer and payments are received. d. Companies recognize revenue when the earnings process is virtually complete and it is probable that payments will be received.
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In a recent annual report, apple computer reported the following in one of its disclosure notes: "warranty expense: the company provides currently for the estimated cost for product warranties at the time the related revenue is recognized." this note exemplifies apple's use of: (a) conservatism.(b) matching. (c) realization principle. (d) economic entity.
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The core revenue principle states that: a. Companies recognize revenue when the goods or services ar...
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