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When revenue should be recognized on the income statement according to GAAP who is addressed?
Wiki User
∙ 12y ago
business entity assumption
Wiki User
∙ 12y ago
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Revenue is recognized when it is earned?
Generally, yes according to the accounting principle.
What is Revenue properly recognized by?
Revenue is properly recognized:
The revenue recognition principle dictates that revenue should be recognized in the accounting records?
The revenue recognition principle dictates that revenue should be recognized in the accounting records when it is earned.
Revenue is properly recognized?
Revenue is properly recognized as an income at the end of an accounting period. Any form of money received is regarded as revenue.
Unearned revenue is initially recognized with a?
credit to unearned revenue
When is revenue reconized in accurual accounting?
Revenue is recognized when it is incurred in accrual accounting while in cash based accounting revenue is recognized when actual cash is paid
Where does rent revenue go on an income statement?
Rent revenue appears under the Non-Operating Revenue Section on the income statement.
Where does other or rent revenue go on the income statement?
Other or rent revenue is also revenue which is not from basic operations of business that's why this revenue is shown as other revenue in income statement.
When is Revenue is recognized?
Business Accounting
when an amount already recognized as revenue becomes uncollectible, it is recognized as an expense.?
No.
Why is revenue recognized at the time of sale?
It is the basic rule of revenue recognition that unless and untill goods are not transferred to the customers revenue cannot be recognized and internation accounting standard number 2 deals in revenue recognition.
Where does unearned service revenue go on a multiple step income statement?
unearned service revenue is on the balance sheet not the income statement so the answer is nowhere. service revenue is on the income statement under revenues.
