Asked by
Melanie Kriska
on Oct 28, 2024
Verified
According to the revenue recognition principle,revenue is recognized at the time that cash is collected from a customer for services to be provided in the future.
Cash Collected
The total amount of money received by a company during a specific period, often through sales or services rendered.
- Learn the guidelines for the recognition of financial revenues and expenses.
Verified Answer
BM
Learning Objectives
- Learn the guidelines for the recognition of financial revenues and expenses.
Related questions
Under Accrual Basis Accounting,revenues Are Recognized When Goods or Services ...
Expenses Are the Result of Decreases in Assets or Increases ...
The Expense Recognition Principle Requires Expenses to Be Recorded on ...
According to the Expense Recognition Principle,wages Expense Is Recognized on ...
The Revenue Recognition Principle Recognizes Revenue When the Goods or ...