Realization of revenue occurs when

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Reference no: EM131204901

1. In an accrual-based transactional approach, net income is typically defined as

a. revenues - expenses + gains + losses

b. revenues - expenses

c. revenues - expenses + gains – losses

d. increase in net assets from non-owner transactions

2. Realization of revenue occurs when

a. the item is formally recorded and reported in the financial statements

b. a company sells goods or provides a service.

c. the actual exchange of noncash resources into cash

d. when a transaction is both realized and realizable.

Reference no: EM131204901

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