Question
A CPA has been asked by a client to describe revenue. Which of the following statements would be best for the CPA to use in
A CPA has been asked by a client to describe revenue. Which of the following statements would be best for the CPA to use in his/her description?
Group of answer choices
Revenue is equal to the cash received from a customer for goods.
Revenue is equal to the difference between the amount charged to the customer and the cost of the goods sold that results from an enhancement of assets.
Revenue is the inflows of assets or settlements of liabilities from the sale of assets such as property, plant, and equipment or longterm investments.
Revenue is the inflows or other enhancements of assets of an entity or settlements of its liabilities from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.
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