Revenue principle stating revenue

Reference no: EM13124365

The revenue principle states that revenue should be recognized at a point when:

a. An exchange transaction involving goods and services has occurred and the earnings process is essentially complete.

b. An order for shipment of a definite amount of merchandise has been received.

c. A contract between buyer and seller has been signed by both parties.

d. The seller has shipped merchandise to a customer under the terms that the customer need not pay for the merchandise until it is sold.

Reference no: EM13124365

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