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mina [271]
1 year ago
12

The revenue recognition principle dictates that revenue be recognized in the accounting period in which it is:________

Social Studies
1 answer:
marissa [1.9K]1 year ago
4 0

The revenue recognition principle dictates that revenue be recognized in the accounting period in which <u>the performance obligation is satisfied.</u>

<u></u>

The revenue recognition principle is a feature of accrual accounting which requires that revenues are recognized on the income statement, in that time period when they are earned and realized, not necessarily when the cash is received.

The principle is important because it enables a business to show profit and loss accurately, since the revenue is recorded when it is earned, not when it is received. Usage of this principle also helps with financial projections, which allows the businesses to project future ventures more accurately.

To learn more about revenue recognition principle, click

brainly.com/question/28204542

#SPJ4

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Explanation:

ING has been delivering educational presentations about Muslims and their faith for over two decades. The following are answers to some of the most common questions that ING and its affiliates across the country have encountered during that time. While many of the answers address issues relating to creed or issues that are well established because of a clear citation in the Qur’an or Hadith (prophetic sayings)—such as the six major beliefs or the Five Pillars—others focus on areas that are more open to interpretation. These answers reflect the fact that Islamic teachings are the product of a dynamic conversation among Muslim scholars and between the scholars and the laity who apply their best understanding of the primary sources of Islam rather than a fixed set of laws and regulations.

This points to the fact that Islam, like all religions, does not live or speak apart from the people who practice it. There is, therefore, no monolithic Islam, since, like any other religion, Islam exists only as it is understood and practiced by its adherents.

As in other faith traditions, Muslim scholars have developed varied positions and responses to the numerous questions and issues that have been raised and discussed over the past 1400 years in the various lands where Islam is practiced. These perspectives and resulting practices differ partly because of the diversity within the Muslim community in geography, ethnicity, culture, and age. There are about fifty countries in the world today with a majority Muslim population, each having its own distinct history and culture (or multiplicity of cultures). There are also sizeable Muslim minorities in many other countries, including the United States and virtually all the countries of Europe, that are living Islam in their own unique situations. These Muslim communities have a variety of cultures and histories and live in varied social, cultural, and political circumstances, all producing significant variety in the way that they understand and practice Islam. In addition, there are various sects among Muslims, most notably Sunni and Shi’a, as well as various groups within each major sect. These differences in varieties of Islamic understanding and practice also reflect Muslim scholars’ long tradition of recognizing the diversity of peoples and circumstances and the opinions that should reflect that reality of diversity as well as of our shared humanity.

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