Which of the following criteria must be met in order to recognize revenue in the current accounting period?
A)Goods or services have been transferred to the customer.
B)The transaction price has been determined.
C)Collectability is reasonably assured.
D)All of the above.

Question

Quizplus · Accepted Answer

In order to recognize revenue in the current accounting period, all three criteria must be met: goods or services have been transferred to the customer, the transaction price has been determined, and collectability is reasonably assured. Therefore, choice D, "All of the above," is the correct answer.

Which of the Following Criteria Must Be Met in Order