Question

explain revenue recognition concept​

Answer 1

Answer:

the revenue recognition principle,a feature of accrual accounting,requires that revenues are recognized on the income statement in the period when realized and earned-- not necessarily when cash is received....earned revenue accounts for goods or services that have been provided or performed,respectively...

#nikita

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Answer 2

$\huge{ \underline{ \overline{ \mid{ \mathfrak{ \purple{ \: \: ANSWER \: \: } \mid}}}}}$

$\: \: \: \: \: \: \: \: \: \: \: \: \: \: \texttt{The Revenue Recognition concept helps in } \\ \texttt{ascertaining the amount and time of recognition } \\ \texttt{the revenues from the ordinary business } \\ \texttt{activities. In simple words, revenue recognition } \\ \texttt{concept tells us the procedure of determining } \\ \texttt{the income and expense for incorporation in } \\ \texttt{profit and loss account.}$

$\: \: \: \: \: \: \texttt{ \blue{The Revenue Recognition Principle is also known }} \\ \texttt{ \blue{as Revenue Realisation Principle. Accouting}} \\ \texttt{ \blue{Standard 9 deals with the basis for recognition} } \\ \texttt{ \blue{of revenue arising from ordinary activities of an }} \\ \texttt{ \blue{enterprise in the profit and loss account.}}$