Which of the following statements best describes the term "revenues"?
A)Revenues represent an outflow of assets resulting from the sale of goods or services.
B)Revenues represent the dollar amount of bonds sold to the public.
C)Revenues represent assets used or consumed in the sale of products or services.
D)Revenues represent assets received from the sale of products or services.

Question

Quizplus · Accepted Answer

Revenues represent assets received from the sale of products or services. It is the income earned from the sale of goods or services and is an increase in the company's assets. Option A represents expenses, B represents the issuance of bonds, and C represents the use of assets in the sales process, which do not accurately describe revenues.

Which of the Following Statements Best Describes the Term "Revenues