The fact that any problems a seller has in collecting amounts due from customers is accounted for separately is implied in the language of:

• step 3 "entitled to."
• step 5 "when (or as) each performance obligation is satisfied."
• step 1 "it can be written, verbal, or merely implied."
• step 2 "transferring control of goods or services to a customer."
• ( which answer correct)

Expenses are increased with:

The Securities and Exchange Commission (SEC) is the government agency that has primary responsibility for setting accounting standards in the U.S. T/F

Accounts Payable, Notes Payable, and Salaries and Wages Payable are examples of liabilities. (t/f)