Accounting Revenue Principle Definition

It means that revenues or income should be recognized when the services or products are provided to customers regardless of when the payment takes place. Revenue recognition is a generally accepted accounting principle gaap that identifies the specific conditions in which revenue is recognized and determines how to account for it. The revenue recognition principle is an accounting principle that requires revenue to be recorded only when it is earned.

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Accounting revenue principle definition. If your business uses accrual accounting you should know and understand the revenue recognition principle sometimes known as the revenue principle. The revenue recognition principle is the concept of how the revenue should be recognized in the entity s financial statements. The revenue recognition could be different from one accounting principle to another principle and one standard to another standard.