List the four criteria specified by the Securities and Exchange Commission for determining whether revenue should be reported on the income statement
What will be an ideal response?
Answer:
1. There is persuasive evidence that an arrangement exists.
2. Delivery has occurred or services have been rendered.
3. The seller's price to the buyer is fixed or determinable.
4. Collectability is reasonably assured.
You might also like to view...
Many families with children are now attracted to the shopping district in Forest Ridge. What characteristics about families as consumer groups might the owners of The Attic Trunk want to keep in mind?
A) Though more women hold jobs outside the home today than when The Attic Trunk first opened, husband-wife involvement in the buying process has remained relatively unchanged. B) Children have considerable amounts of disposable income and have a strong influence on family buying decisions. C) Women seldom account for any technology-related purchases. D) Women typically account for most habitual purchases. E) Men make all the major purchasing decisions in most families.
Which of the following is a potential drawback of multibranding?
A) Consumers may become confused about the image of the main brand. B) An overextended brand name might lose its specific meaning for consumers. C) Different product features can appeal to consumers with different buying motives. D) The company's resources may be spread over too many brands. E) The company can occupy more retail shelf space.