Generally, under ASPE, revenue from sales should be recognized at a point when
A. management decides it is appropriate to do so.
B. the product is available for sale.
C. an exchange has taken place and the earnings process is substantially complete.
D. the entire amount receivable has been collected from the customer and there remains no further warranty liability.
Answer:C
Generally, under ASPE, revenue from sales should be recognized at a point when
A. management decides it is appropriate to do so. B. the product is available for sale. C. an exchange has taken place and the earnings process is substantially complete. D. the entire amount receivable has been collected from the customer and there remains no further warranty liability.