1. What are two possible attributes to be measured when an item is to be included in fi nancial statements? What unit of money is used to measure items in the United States? 2. For the following...

1. What are two possible attributes to be measured when an item is to be included in fi nancial statements? What unit of money is used to measure items in the United States?

2. For the following situations, indicate the date on which revenue would be recognized, assuming the accrual basis of accounting. _____________ a. On June 10, a customer orders a product over the phone. The product is shipped to the customer on June 14, and the customer pays the amount owed on July 10. _____________ b. On March 15, a law fi rm agrees to draft a legal document for a client. The document is completed and delivered to the client on April 5, and the client pays the amount owed on May 2. _____________ c. A homeowner signs a contract on August 6 to have a company install a central air conditioning system. The work is completed on August 30, and the homeowner pays the amount owed on September 25.