Question

Revenues are recognized when ______, even when the cash is collected in a different accounting period than the obligation to the customer has been performed. Multiple select question.

Answer 1

Based on the question above, the correct answer goes thus:

• Revenues are recognized when earned and payment is assured

Revenues recognition

According to the principle of revenue recognition, revenues are recognized in the period when it is earned and realized or realizable (cash payment has been received or collection of payment is reasonably assured).

In conclusion, we can conclude that the correct answer is earned and payment is assured.

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