Question 11

Revenue is recognized in the period when the company has transferred control of the goods or services to customers and not necessarily when it charges.

True

False

Question 12

The periodicity scenario relates to the qualitative feature of timely information (timeliness).

True

False

Question 13

Expenses represent future cash sacrifices or other assets for past transactions.

True

False

Question 14

Expenses are recognized when the company consumes its assets in the process of generating revenue or a debt has been incurred (increased) without affecting the assets.

True

False

Question 15

The Income statement summarizes the result of the company's operations for a period of time.

True

False