Which of the following is true regarding revenue recognition for sales taxes, when reporting...
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Accounting
Which of the following is true regarding revenue recognition for sales taxes, when reporting in the governmentwide statements? Assets are recognized when the underlying exchange retail sale has occurred or when resources are received, whichever occurs first. Revenues are recognized when the underlying exchange retail sale has occurred. Both of the choices are true. Neither of the choices is true. 
Which of the following is true regarding revenue recognition for sales taxes, when
reporting in the governmentwide statements?
Assets are recognized when the underlying exchange retail sale has occurred or when resources
are received, whichever occurs first.
Revenues are recognized when the underlying exchange retail sale has occurred.
Both of the choices are true.
Neither of the choices is true.
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