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Q. 3-5RQ

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Horngren'S Financial And Managerial Accounting
Found in: Page 157

Short Answer

Under the revenue recognition principle, when is revenue recorded?

Revenue is recognized goods or services are provided to the customers.

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Step by Step Solution

Accounting Principles

Accounting principles are the set of rules or guidelines, that are followed while preparing the financial statements.

Explanation on Revenue Recognition Principle

Revenue recognition principle provides the general rule to record or recognize the revenues of the business. As per this principle, revenues are recorded when the related obligation to revenue is performed.

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