Question

The core revenue recognition principle stipulates that companies recognize revenue when goods or services are:_______

Answer 1

The core revenue recognition principle stipulates that companies recognize revenue when goods or services are transferred to customers.

In accordance with generally accepted accounting principles (GAAP), revenue recognition specifies the circumstances under which revenue should be recorded and how it should be accounted for. A significant event usually triggers the recognition of revenue, and the corporation can simply quantify the financial amount.

The foundation of any corporate performance is revenue. The sale is the keystone. Regulators are aware of how alluring it may be for businesses to stretch the boundaries of what constitutes income, particularly when not all cash is collected until the task is finished. Attorneys, for instance, bill their clients according to billable hours and then present the invoice. Clients are frequently billed by the percentage of completion by construction managers.

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