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      Question

        Which of the following is least likely a condition

      necessary for revenue recognition?
      A Cash has been collected Correct Answer Incorrect Answer
      B Goods have been delivered Correct Answer Incorrect Answer
      C Prices are determined Correct Answer Incorrect Answer
      D Demand is created Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      The actual collection of cash is not required for revenue recognition. Goods should be sold, delivered and there should be an expectation to receive the payments.

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