Register now or log in to join your professional community.
A. The revenue is realizable.
B. The revenue is realized and earned.
C. Products or services are exchanged for cash or claims to cash.
D. The entity has substantially accomplished what it agreed to do.
The revenue is realized and earned then revenue is recognize in accounts
B) Is the correct answer, Don't count your chickens unless eggs are hatched...............
according to IFRS revenue recognition principle , refer to that the revenues and gains should be recognized under two conditions ,it must be realized or realizable , and must be earned
the correct choice is B
B. The revenue is realized and earned.
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
A, B and C are the possible answers for this question.
Answer is B. When the revenue is realized and earned.
According to International Financial Reporting standard implies that revenue recognize would be true / counted when it may be realized/earned and realizable.
Hence B) The revenue is realized and earned is the correct answer.
Answer A. when the revenue is realizable.
option B is the correct answer .
The correct answer is : B- realized and earned.
Revenue is a crucial number to users of the financial statements in assessing a company’s performance and prospects. The objective of this project was to clarify the principles for recognising revenue from contracts with customers. It applies to all contracts with customers except leases, financial instruments and insurance contracts.
The main objectives of this project were as follows:
Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.