Revenue Recognition Principle And Expense Recognition
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Revenue is earned and revenue is realized or realizable.
Revenue recognition principle and expense recognition. Revenue is earned and revenue is realized or realizable. There are two types of expense recognition principle accrual basis under this accrual principle expense will recognize in the books as and when it is matched with the revenue. Expense is recognized in the period in which related revenue is recognized this is also known as the matching principle. Expense is recognized in the period in which related revenue is recognized this is also known as the matching principle.
On january 3 rd john sold two dolls for 100 to a customer that paid cash. Revenue is recognized when both of the following conditions are met. For example telephone bills per month are 500 paid for 13 months. Types of expense recognition principle.
Under the expense recognition principle john must wait until next month to recognize this expense because next month is when john will be selling the merchandise and generating the revenue.
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