When is this revenue reportable on the financial statements for Northern?
A) Fiscal year ended June 30, 2009
B) Fiscal year ended June 30, 2010
C) Pro-rated between the two fiscal years based on the number of summer school days in each reporting period
D) Half in 2009 and half in 2010

Question

Quizplus · Accepted Answer

Revenue should be recognized in the period in which it is earned. If the revenue is related to summer school days that span two fiscal years, it should be pro-rated based on the number of days in each fiscal year.

When Is This Revenue Reportable on the Financial Statements for Northern