Is Revenue Recognized When Cash Is Received
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Is revenue recognized when cash is received. Questions are typically answered in as fast as 30 minutes response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects. Revenue is not recognized when cash is received because the risks and rewards of ownership have not transferred to the buyer. Only as the transfer of value takes place is revenue recognized.
Want to see this answer and more. Step by step answers are written by subject experts who are available 24 7. The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle they both determine the accounting period in which revenues and expenses are recognized. Accrued revenue an asset on the balance sheet is revenue that has been earned but for which no cash has been received.
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