4. Goods costing ₹20,000 sold for ₹28,000, in such a situation Revenue is ₹28,000 and income is ₹8,000. What principle are we talking about?
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Answer:
The revenue recognition principle method is used in recording such transaction
Explanation:
It simply means that once a product is sold, revenues are recognized from customers, whether the amount is realized instantly or later date.
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