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In general, revenue is recognized when an exchange has taken place Irrespective of Cash or Credit. (True or False)?

Major Accounts MBA Finance Accounting Tax Accounting Finance
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تم إضافة السؤال من قبل Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
تاريخ النشر: 2014/07/23
التصويت كمفيد (5) المشاهدات (10) المتابعون (12) الإجابات (10) بلّغ عن السؤال
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Malik Amin Muhammad Khan
من قبل Malik Amin Muhammad Khan , Director Finance and Money Market Dealer , Pakistan Currency Exchange Pvt Lt; Franchise Dollar Shop

Yes, the answer is TRUE

Sara Naeem
من قبل Sara Naeem , Trainee Finance officer , Wah Brass Mill

Answer is true

Divyesh Patel
من قبل Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

The statement is TRUE.

hossam azzam
من قبل hossam azzam , Fast food restaurant,s manager. , alexandria-egypt

Very much true

Amaresh Singh
من قبل Amaresh Singh , Asst. Manager - Accounts , Shreyas Relay Systems Ltd

yes it is TRUE

YASIR Marukkumkadan
من قبل YASIR Marukkumkadan , Accounts Supervisor- MIS , NMC Trading LLC

true, revenue is recognised irrespective of mode of payment when the risk and reward of ownership has transferred to second party. ie legally enforceable documents need to be transferred.

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false

under accural accountind we cannot do like that

Mohamed El- Sadek
من قبل Mohamed El- Sadek , Accounting Manager , TE DATA S.A.E

False, under IFRS and US Gaap collection should be assured

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