Question

Revenue for a company is recognized for accounting purposes when the customer obtains control over the good or service. In some situations, revenue is recognized at a point in time; in other cases, accountants would recognize revenue over time. ( Ignore income taxes.)
Required:
1. Explain when it would be appropriate to recognize revenue over time as opposed to a point in time.
2. How would a seller determine if a customer has obtained control over a good or service?


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  • CreatedOctober 05, 2015
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