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Revenue Recognition And Expense Recognition

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Running head: REVENUE RECOGNITION AND EXPENSE RECOGNITION Revenue Recognition and Expense Recognition Student’s Name Institutional Affiliation 1 REVENUE RECOGNITION AND EXPENSE RECOGNITION 2 Revenue Recognition and Expense Recognition Revenue recognition in accounting is contained in the accrual principle which is very common and widely applied across different organizations. Under revenues recognition, the accounting standards stipulate that certain standards have to be met for revenues within the organization to be recognized and thereby consequently accounted for in the financial statements. The first condition is that an event must take place for such recognition to happen. For example, a client pays the rent for premises that the organization is letting. The second condition is that the amount of revenue must be measurable in nature. If it’s not measurable, such recognitio ...
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