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What is revenue recognition

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What is revenue recognition

Posted by Himanshu Maheshwari 6 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Shaina Rajput 6 years, 9 months ago

The revenue recognition principle states that revenue should be recognized and recorded when it is realized or realizable and when it is earned. In other words, companies shouldn’t wait until revenue is actually collected to record it in their books. Revenue should be recorded when the business has earned the revenue. This is a key concept in the accrual basis of accounting because revenue can be recorded without actually being received.

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