Which of the following is a definition of revenue that clearly represents an asset-liability approach?
- Revenue represents gross increases in assets and gross decreases in liabilities measured in conformity with generally accepted accounting to that result from those types of profit-directed activities.
- Revenue should be identified with the period during which the major economic activities necessary to the creation and disposition of goods andservices have been accomplished.
- Revenue results from the sale of goods and rendering of services and is measured by the charge made to customers, clients, or tenants for goods services furished to them.
- Revenues are the inflow or other enhancements of assets of an entity or settlement of its liabilities (or a combination of both during a perio delivering or producing goods, rerhiering services, or other activities that constitute the entity's ongoing major or central operations.