|Posted: 15 Aug 2008 at 14:00 | IP Logged
C, The exchange occurs. I had to think for a second on this one. Its wierd seeing questions not from my Wiley book, makes me think about all these easy questions that the CPA loves to ask, but you can't really remember the details so well.
I also looked it up in my book to double check, it is when the exchange occrs. It also says if it is before the transaction but the cash is collected it is reported as Deferred Revenue.
BTW. were you thinking of a different answer?
Edited by eddie500 on 15 Aug 2008 at 14:01
REGULATION -- passed "83" Nov 07
AUDITING -- passed "85" Jan 08
BEC -- passed "87" May 08
FAR -- passed "91" Aug 08