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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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Question added by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
Date Posted: 2014/07/23
Upvote (5) Views (10) Followers (12) Answers (10) Report Question
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Malik Amin Muhammad Khan
by Malik Amin Muhammad Khan , Director Finance and Money Market Dealer , Pakistan Currency Exchange Pvt Lt; Franchise Dollar Shop

Yes, the answer is TRUE

Deleted user
by Deleted user

TRUE

Sara Naeem
by Sara Naeem , Trainee Finance officer , Wah Brass Mill

Answer is true

Trupti Gadgil
by Trupti Gadgil , Chief Manager , PKF SRIDHAR AND SANTHANAM

True

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

The statement is TRUE.

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

Very much true

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

yes it is TRUE

YASIR Marukkumkadan
by 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.

Deleted user
by Deleted user

false

under accural accountind we cannot do like that

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

False, under IFRS and US Gaap collection should be assured

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