QUESTION 1 The decision to include an amount in the financial statements is called Realization Recognition Relevance Materiality QUESTION 2 When an asset is impaired A significant decline in value has occurred. Later recovery of the impairment loss is prohibited. A disclosure note is needed to describe the impairment loss. All of these answer choices are correct for impaired assets. QUESTION 3 Revenue should not be recognized until: The seller has transferred goods or services to a customer. Contracts have been signed and payment has been received. Work has been performed and customer has been billed. Collection has been made and warrantees have expired