In order for revenue to be recognized,the seller's price to the buyer must be fixed or determinable.

Question

Quizplus · Accepted Answer

According to the revenue recognition principle, revenue can only be recognized when the seller's price to the buyer is fixed or determinable, meaning that the seller and buyer have agreed on the price and any contingencies or uncertainties related to the price have been resolved. If the price is not fixed or determinable, revenue cannot be recognized until the price is agreed upon or until the contingencies are resolved.

In Order for Revenue to Be Recognized,the Seller's Price to the Buyer