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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
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