The revenue realization principle requires four conditions to be met. Which of the following is one of the four conditions?
A) The customer has paid for the goods or services.
B) Delivery of goods or performance of service has occurred or is scheduled to occur.
C)The price is fixed or determinable.
D)The customer has signed a contract.

Question

Quizplus · Accepted Answer

The revenue realization principle requires that the price is fixed or determinable as one of the conditions for recognizing revenue.

The Revenue Realization Principle Requires Four Conditions to Be Met