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When is the considered to be recognized

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Problem 1. A flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be recognized?

A. December 5
B. December 10
C. November 30
D. December 1

Problem 2. A small company may be able to justify using a cash basis of accounting if they have:

A. sales under $1,000,000.
B. no accountants on staff.
C. few receivables, payables and long term assets.
D. all sales and purchases on account.

Reference no: EM132795109

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