FASB suggests that revenues are considered to be earned
A)at a date subsequent to the point of sale
B)throughout the earnings process
C)when the company is entitled to its benefits
D)when cash is received

Question

Quizplus · Accepted Answer

Revenues are considered to be earned when the company is entitled to its benefits, meaning the earnings process is complete or virtually complete, and the exchange has occurred.

FASB Suggests That Revenues Are Considered to Be Earned