Question

The criteria for recognition of revenue at the completion of production of precious metals and farm products include

a. an established market with quoted prices.
b. low additional costs of completion and selling.
c. units are interchangeable.
d. all of these.

Answer 1

The criteria for recognition of revenue at the completion of production of precious metals and farm products include an established market with quoted prices, low additional costs of completion and selling, and units being interchangeable.

Step-by-step explanation:

The criteria for recognition of revenue at the completion of production of precious metals and farm products include all of the following:

1. An established market with quoted prices.
2. Low additional costs of completion and selling.
3. Units are interchangeable.

These criteria ensure that the revenue is recognized when the production process is complete and the goods can be sold in a market with established prices. Interchangeability of units allows for ease of selling and pricing the products.