Question
The default point for revenue recognition under accrual accounting is the point of sales when the earnings process is complete and the revenue is realized
The default point for revenue recognition under accrual accounting is the point of sales when the earnings process is complete and the revenue is realized or realizable. At what other points might revenue also be recognized under FASB and what would be the circumstances which would justify revenue recognition at other than the point of sales?
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Gleim CIA Review Part 2 Practice Of Internal Auditing
Authors: Irvin N. Gleim
2020 Edition
1618542648, 978-1618542649
