Thank you for visiting The recognition of revenue must coincide with which of the following a The recognition of contributed equity b The recognition of an expense c The. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
The recognition of revenue must coincide with the recognition of an asset or the derecognition of a liability.Selecting the correct revenue recognition policy is critical to the accuracy of an organization's financial statements.
Revenue recognition is vital in financial reporting because it helps investors and analysts determine the real performance of an organization in terms of its sales and income. An entity can identify and acknowledge revenue when it has fulfilled a contract with a customer by carrying out all of the following performance obligations:
To do so, the organization must meet the following criteria:
identification of the contract performance obligations to be fulfilled by the organization in the contract the price of the consideration to which the organization has the right to receive in exchange for fulfilling the contract performance obligation is estimated. It is worth noting that revenue must be identified and acknowledged in the period in which the performance obligation is met. The recognition of revenue must coincide with the recognition of an asset or the derecognition of a liability.
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