Answer these 2 questions about revenue recognition.

Under new revenue recognition standards, the adjustment of the transaction price to reflect the time value of money creates

a. revenue from customers in the income statement.

b. other comprehensive income.

c. interest revenue in the income statement.

d. unearned revenue in the income statement.

2. To address inconsistencies and weaknesses in revenue recognition, a comprehensive revenue recognition standard was developed entitled

a. Revenue Recognition Principle.

b. Principle-based Revenue Accounting.

c. Rules-based Revenue Accounting.

d. Revenue from Contracts with Customers