Question

Revenues are recognized when ______, even when the cash is collected in a different accounting period than the obligation to the customer has been performed.

Answer 1

The condition for which revenues are recognized even when the cash is collected in a different accounting period is;

• Services are provided even if cash has not yet been collected, in cases of accrual basis accounting

Revenue recognition

Two major forms of revenue recognition exist;

• When Cash is collected from customers. This is the case when the organisation uses cash basis accounting
• When services are provided even if cash has not yet been collected. This is the case when the organisation used accrual basis accounting

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