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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 recognition principle requires. The revenue recognition principle is an accounting principle that requires revenue to be recorded only when it is earned. In accounting the terms sales and revenue can be and often are used interchangeably to mean the same thing. 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. The revenue recognition principle requires that you use double entry accounting.
Here are some additional guidelines that need to be followed in regards to the revenue recognition principle.
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