Revenue recognition conditions are generally met at the point of payment of goods and services

Name: Revenue recognition conditions are generally met at the point of payment of goods and services
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

Revenue recognition is based on the concept of earning the revenue, which typically occurs when a company satisfies its performance obligations to its customers. Payment may happen before or after the revenue is recognized, and therefore payment alone does not determine revenue recognition.

Revenue Recognition Conditions Are Generally Met at the Point of Payment