Realization Requirements: Timing & Tax Implications


Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

All of the following are what the U.S. Supreme Court states are four events that trigger the realization of a gain or loss, EXCEPT:

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. The realization principle states that you pay tax on goods and services sold when:

2. All of the following are aspects of the realization principle, EXCEPT:

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This quiz/worksheet will bring to light how much you know about realization requirements. Topics on the quiz include four events that trigger the realization of a gain or loss and a statement made by the realization principle about a tax on goods.

Quiz & Worksheet Goals

The following areas of study will be addressed:

  • Facets of the realization principle
  • Timing aspect of the principle
  • The categorization of funds for goods sold but not yet delivered

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on realization requirements
  • Knowledge application - use your knowledge to answer questions about the realization of a gain or loss and the timing aspect of the realization principle
  • Information recall - access the knowledge you've gained regarding the tax of goods according to the realization principle

Additional Learning

Learn more with the accompanying lesson named Realization Requirements: Timing & Tax Implications. These areas of interest will be addressed:

  • Realization definition
  • Analysis of how realization functions
  • Details and examples of the aspects of the realization principle