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Under the accrual basis of accounting, revenues are reported in the accounting period when the Cash Is Received Or Goods Have Been Delivered?

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Question added by Purushottam Thapa , GENERAL ACCOUNTANT , KHAYARAT FAHUD LLC
Date Posted: 2015/07/29

Service Or Goods Have Been Delivered

Michael Lagunday
by Michael Lagunday , Accounts Assistant , Invest Group Overseas LLC

Under accrual basis, revenue is recorded when services have been rendered and goods have been delivered. Whereas in cash basis, revenue is recorded when cash is received notwithstanding the time on which the services have been rendered or good have been delivered.

Joseph Bukenya
by Joseph Bukenya , Accountant , Uganda NCD Alliance

Revenue is recognized in the book of account when goods have been delivered in accordance with the purchase order

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