typically recognized as revenue: a. when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. b when received c. when earned. d. to the extent

typically recognized as revenue: a. when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period. b when received c. when earned. d. to the extent

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle

Section: Chapter Questions

Problem 19MCQ

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Question

Fees for licenses and permits are typically recognized as revenue:

a.	when billed if they are expected to be received within the current period or soon enough after to pay liabilities of the current period.
b	when received
c.	when earned.
d.	to the extent that related expenditures have been made if the fees are restricted as such.

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