Quiz AC-1 - 1. The revenue recognition principle requires...

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1. The revenue recognition principle requires that amounts charged to customers for goods and services be recognized (Points: 1) at the time of customer payment. at the time goods and services are provided to customers. at the end of the month in which earnings occur. at the time a customer places an order. 2. Dallas Tennis Company sells tennis rackets to consumers from a boutique rented at each country club in  the county.  When customers order a tennis racket, they pay for it by the next day or the order is  cancelled.  Then DEF Company orders the tennis racket from the manufacturer and notifies the customer  when the tennis racket is delivered to the boutique, typically in 2 to 3 weeks.  The customer then picks up  the racket from the boutique.  When does Dallas Tennis Company recognize sales revenue? (Points: 1) When the order is placed by the customer When the customer pays for the order When the boutique notifies the customer to pick up the tennis racket
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Quiz AC-1 - 1. The revenue recognition principle requires...

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