Question

4 Revenue is generally recognised when the
earning process is virtually complete and an
exchange has taken place. What principle is
described herein?
(a) Consistency(b) Matching
(c) Realisation (d) Conservatism​

Answer 1

Realisation

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Answer 2

Option “C” is correct i.e., realization.

• According to the principle of realization, the Revenue is generally recognized when the earning method is virtually complete and exchange has taken place.  
• This concept describes that revenue is documented only when there is a transfer of goods or assets. The sale is comprehensive only when the title of goods is conceded to the buyer.

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