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16-10-2020
Business

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The revenue recognition principle states that: Multiple Choice Revenue should be recognized in the period goods and services are provided. Revenue should be recognized in the period the cash is received. Revenue should be recognized in the balance sheet. Revenue is a component of common stock.

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16-10-2020

Answer:

Revenue should be recognized in the period goods and services are provided.

Explanation:

IFRS 15 requires revenue to be recognized when control of goods or services has been made to the customer. Control is when all the risks and benefits associated with the product or service has been transferred to the customer.

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