University of Phoenix Revenue Recognition and Expense Recognition Discussion

User Generated

Gevcyr0mreb

Business Finance

University of Phoenix

Description

Under the accrual basis accounting, revenues and expenses are recognized by the following principles:

  • Revenue recognition: Revenue is recognized when both of the following conditions are met: Revenue is earned and Revenue is realized or realizable.
  • Expense recognition: Expense is recognized in the period in which related revenue is recognized (this is also known as the Matching Principle).

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer


Anonymous
This is great! Exactly what I wanted.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags