Question

what is revenue concept in accountancy​

Answer 1

hey mate!!!!

In other words, companies shouldn't wait until revenue is actually collected to record it in their books. Revenue should be recorded when the business has earned the revenue. This is a key concept in the accrual basis of accounting because revenue can be recorded without actually being received.

Answer 2

Answer:

hello mate!

Fees earned from providing services and the amounts of merchandise sold. Under the accrual basis of accounting, revenues are accounted at the time of delivering the service or the merchandise, even if cash is not received at that time of delivery. Often the term income is used instead of revenues.

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