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Revenue Recognition" Please respond to the following: In some situations, revenue is recognized as it is earned in the economic sense.

This question was answered on Jan 17, 2013. View the Answer
Revenue Recognition" Please respond to the following:
•In some situations, revenue is recognized as it is earned in the economic sense. In other situations, a criterion such as the point of sale is used to recognize income. Validate why revenue is often recognized as earned at the time of sale.
•Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Provide a rationale with your response.
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Revenue Recognition at the point of sale
As per accounting principle, revenue is recognized when the goods are sold to the buyer.
Revenue is recognized at the time of sale. Sale can be for...

This question was asked on Jan 16, 2013 and answered on Jan 17, 2013.

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