Per PSA Regulations in the Philippines, Company X is using Calendar Year, Monthly the company files in monthly bir a zero amount of VAT from June 2021 up to December 2021, It is just February 2022, they realize that they already earned 9M million from the client. How will Company record the revenue earned?

Answer rating: 100% (QA)

Revenues are recognized when earned not necessarily when received Revenues are often earned and rece... View the full answer