Question: Given that prudence is the main consideration, discuss under what circumstances, if any, revenue might be recognised at the following stages of a sale. (a)

Given that prudence is the main consideration, discuss under what circumstances, if any, revenue might be recognised at the following stages of a sale.

(a) Goods have been acquired by the business which it confidently expects to resell very quickly.

(b) A customer places a firm order for goods.

(c) Goods are delivered to the customer.

(d) The customer is invoiced for goods.

(e) The customer pays for the goods.

(f) The customer's cheque in payment for the goods has been cleared by the bank.

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