Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 22 - No. 43)
When is revenue recognized under the accrual accounting system?
When cash is received.
When the invoice is sent to the customer.
When goods are delivered or services are performed.
At the end of the accounting period.
Explanation
Under the accrual accounting system, revenue is recognized when it is earned, typically when goods are delivered or services are provided.
Comments (0)
