1. Revenue recognition definition: Revenue recognition is a generally accepted accounting principle GAAP. Its important...
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Revenue recognition definition: Revenue recognition is a generally accepted accounting principle GAAP. Its important to revenue recognition. Revenue is recorded when sales are made or services are rendered and whether cash is received is immaterial. Revenue recognition is when a product is sold when the customer pays for the product. Five steps in the revenue recognition process: Identify the contract with a customer: A contract is an agreement between two customers and sellers. The contract can be verbal, written, or implied. Identify the performance obligation in the contract: A performance obligation the seller must agree to perform for the customer. This performance can have one or many performance obligations no AI ansewer
Revenue recognition definition: Revenue recognition is a generally accepted accounting principle GAAP. Its important to revenue recognition. Revenue is recorded when sales are made or services are rendered and whether cash is received is immaterial. Revenue recognition is when a product is sold when the customer pays for the product.
Five steps in the revenue recognition process:
Identify the contract with a customer: A contract is an agreement between two customers and sellers. The contract can be verbal, written, or implied.
Identify the performance obligation in the contract: A performance obligation the seller must agree to perform for the customer. This performance can have one or many performance obligations no AI ansewer
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