Author Question: Team Shirts purchased T-shirts in July. The T-shirts were sold to customers in August. Team Shirts ... (Read 208 times)

leilurhhh · **on:** Jul 5, 2018

Team Shirts purchased T-shirts in July. The T-shirts were sold to customers in August. Team Shirts received the final cash payments in September. According to the revenue-recognition principle, when should revenue be recorded?

A) July
B) August
C) September
D) both August and September

Question 2

Establishing a viable internal control system is primarily the responsibility of:
a. the external auditors
b. management
c. programmers
d. government authorities