Revenue Is Recognized When Earned
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The revenue recognition principle a feature of accrual accounting requires that revenues are recognized on the income statement in the period when realized and earned not necessarily when cash.
Revenue is recognized when earned. Revenues which are derived from an entity s main activities such as the sale of merchandise or the performance of service are considered to be earned when the earning process has been substantially completed. According to the principle revenues are recognized when they are realized or realizable and are earned usually when goods are transferred or services rendered no matter when cash is received. For example a merchandiser s sales revenues are considered earned when the goods have been shipped or delivered to the customers. At what point are revenues considered to be earned.
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