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Accounting

The revenue principle states that revenue shall be recognized at a point when

a. An exchange transaction involving goods and services has occurred and the earnings process is essentially complete.

b. An order for shipment of a definite amount of merchandise has been received.

c. A contract between buyer and seller has been signed by both parties.

d. The seller has shipped merchandise to a customer under the terms that the customer need not pay for the merchandise until it is sold.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9404688

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