- This topic has 3 replies, 3 voices, and was last updated 13 years ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
Define “revenue and explain how it should be measured? also state the five criteria that must be met before revenue is recognized for the sale of goods?
I believe that you’ll find a full explanation within a reputable study text – if I mention BPP and FTCK, this is not to exclude other publishers’ study material
revenue = gross inflow of economic benefits occurring during a period arising in the ordinary course of business
Measured @ the FV of the consideration receivedrisks and benefit have passed = earned
seller no longer has control
can be measured reliably
probable that the economic benefits will flow
Viewing 4 posts - 1 through 4 (of 4 total)
- You must be logged in to reply to this topic.