Question

Which of the following statements about credit sales are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Answer 1

Answer:

The correct statements about credit sales are:

• Accounts receivable arise from credit sales

• Accounts receivable should be reported at net realizable value.

• Revenue is reported when the company fulfills its promise to transfer control of a good or service to a customer