Henry grew up in a culture that identifies most closely with the values of: <u>collectivism.</u>
<u>Explanation</u>:
Collectivism means giving importance and priority to the group over the self. Collectivism helps in emphasizing the cohesiveness among individuals.
Collectivism helps in improving unity among people and reduces selfishness. Interest and ideas of everyone are considered over individual’s interest.
In the above scenario, Henry was brought with the culture of collectivism. So he always obeys elders and respects them. Henry even had the habit of sharing his toys and room with his younger brother.
The revenue recognition principle dictates that revenue be recognized in the accounting period in which <u>the performance obligation is satisfied.</u>
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The revenue recognition principle is a feature of accrual accounting which requires that revenues are recognized on the income statement, in that time period when they are earned and realized, not necessarily when the cash is received.
The principle is important because it enables a business to show profit and loss accurately, since the revenue is recorded when it is earned, not when it is received. Usage of this principle also helps with financial projections, which allows the businesses to project future ventures more accurately.
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