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Emilia O'Kon

Nov 19, 2024

Revenue is traditionally recognized in the accounting records when

When is revenue traditionally recognized in accounting records?
a. When cash is received.
b. When services are rendered.
c. When it is incurred.
d. None of the above.

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4 Answers

L
Leland Jones I

Feb 10, 2025

The correct answer is choice b.Revenue is normally recognized when the services are rendered. At this point in the accounting cycle you would make an entry to record the sale. It would be a credit to Sales/Revenue and a debit to either cash or accounts receivable.
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A
Anonymous

Jan 17, 2025

Option 'B' and 'C' are correct.Step-by-step explanation: Revenue is traditionally recognized in the accounting records when services are rendered and it's incurred.Like when we incurred a commission to complete their given targets.So, Services are already and it has been incurred so, Revenue is recognized in the accounting records .Hence, Option 'B' and 'C' are correct.
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A
Anonymous

Jan 17, 2025

When Services are rendered, revenue is traduitionally recognized in the accounting records. The option you are looking for is B. Hope this works for you.
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A
Anonymous

Jan 25, 2025

While revenue is total money gained (not including costs) profit would be the revenue - costs. In this case, A. cash is received makes the most sense.
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Finance & Banking Accounting Revenue Recognition

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