Which of the following best describes the condition(s) that must be present for the recognition of...

Which of the following best describes the condition(s) that must be present for the recognition of revenue?

Group of answer choices

Revenue is recognized at the end of each reporting period.

Revenue is recognized when the good or service is provided and payment is collected.

Revenue is recognized when no sales return is allowed.

Revenue is recognized when the good or service is provided regardless if payment is received.

Expert Solution

One of the condition for revenue recognition is that revenue is recognised when the good or service is provided and payment is collected.

So correct answer is Option B.

ekkarill92 answered 2 years ago

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