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Definition of Revenue Recognition
The act of recording revenue in the financial statements. revenue should
An accounting principle that ties expense recognition to revenue recognition,
A separate agreement that is used to clarify or modify the terms of a sales agreement.
revenue recognized on a nonexistent sale or service transaction.
the revenue resulting from an additional contemplated sale
Bond issued by local government agencies on behalf of corporations.
Refers to all federal tax laws as a group.
A federal agency empowered by Congress to interpret and enforce tax-related laws.
The amount sold after customers’ returns, sales discounts, and other allowances are taken away from
revenue recognized for a confirmed sale or service transaction in a period
services are readily convertible into known amounts of cash or claims to cash.
A revenue transaction where goods and services are exchanged for cash or
The act of verifying the existence of a business transaction by recording it
Income earned from the sale of goods and services.
Amounts earned by the company from the sale of merchandise or services; often used interchangeably with the term sales.
An inflow of cash, accounts receivable, or barter from a customer in exchange
A bond issued by a municipality to finance either a project or an enterprise where the issuer
a responsibility center for which a manager is accountable only for the generation of revenues and has no control over setting selling prices, or budgeting or incurring costs
Operating expenses that vary in proportion to
A fund accounting for all revenues from an enterprise financed by a municipal revenue bond.
Sales Revenue Revenue recognized from the sales of products as opposed to the provision of
revenue recognized from the provision of services as opposed to the sale of
Total sales and other revenue for the period shown. Known as "turnover" in the UK.
Money that has been paid by customers for work yet to be done or goods yet to be provided.
A payment from a customer that cannot yet be recognized as earned
The accounting principle that requires the recognition of all costs that are associated with
The process of linking recognized revenue to any associated
Real Actions (Earnings) Management
Involves operational steps and not simply acceleration
A difference between pretax book income and taxable income that
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