Revenue usually is recognized at the point of sale. Under special circumstances, however, bases other than the
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Question:
Revenue usually is recognized at the point of sale. Under special circumstances, however, bases other than the point of sale are used for the timing of revenue recognition.
Revenue may also be recognized
(a) During production and
(b) When cash is received. For each of these two bases of timing revenue recognition, give an example of the circumstances in which it is properly used and discuss the accounting merits of its use in lieu of the sales basis.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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