Question
A dress shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a cheque is
A dress shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a cheque is received on December 10. The dress shop follows IFRS and applies the revenue recognition principle. When is the $1,000 considered to be earned? (MP)
November 30
December 1
December 5
December 10
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Payroll Accounting 2020
Authors: Jeanette Landin
6th Edition
1260247961, 9781260247961
