Recognition of revenue may be accompanied by which of the following?
A)A decrease in a liability
B)An increase in a liability
C)An increase in an asset
D)An increase in an asset or a decrease in a liability

Question

Quizplus · Accepted Answer

Recognizing revenue may be accompanied by either an increase in assets (cash or accounts receivable)or a decrease in liabilities (unearned revenue).

Recognition of Revenue May Be Accompanied by Which of the Following