The term "realization" refers to which of the following?
A) the closing of an account
B) the collection of cash from sale of goods or services
C) the earning of revenue
D) the correction of an error

Question

Quizplus · Accepted Answer

Realization refers to the collection of cash from the sale of goods or services. This means that the revenue has been earned and now the company is actually receiving the money for it. The other options do not accurately fit the definition of realization.

The Term "Realization" Refers to Which of the Following