Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 19)
When should revenue be recognized under the revenue recognition principle?
When cash is received.
When goods or services are delivered or performed.
At the end of the accounting period.
When the invoice is sent.
Explanation
Revenue is recognized when the earning process is complete, which usually means when the goods or services have been delivered or performed.
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