Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 20 - No. 5)
When is revenue recognized under the accrual basis of accounting?
When cash is received.
When the invoice is sent to the customer.
When the product is delivered or the service is performed.
When a contract is signed with the customer.
Explanation
The revenue is recognized in the period that it's earned.
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