Revenue Recognition: What is the Meaning of Revenue Recognition?
A simple definition of Revenue Recognition is: Revenue identification is a generally accepted accounting principle (GAAP) that identifies the specific conditions for tax recognition and how they should be recognized. When an important event occurs, the revenue is generally recognized and it is easier for the company to measure the amount of dollars.
- Revenue identification is a generally accepted accounting principle (GAAP) that specifies when and where revenue should be recognized.
- According to the principle of recognizing revenue under accrued (or accrual) accounting, it should be recorded when it is sold and earned, when payment is not received.
- The ASC 606 Sales Identification Standard provides a uniform framework for conducting customer contract sales.
Meaning of Revenue Recognition: One way to determine if a tax can be levied and perceived.
Literal Meanings of Revenue Recognition
Meanings of Revenue:
Income is important, especially if it comes from a company or organization.
Sentences of Revenue
Revenue to sellers has dropped by 10,000 since the implementation of the traffic plan.
Synonyms of Revenue
income, receipts, proceeds, takings, earnings
Meanings of Recognition:
Identify someone or someone else or someone from previous meetings or acquaintances.
Recognize the existence, legitimacy or legal status of an object.
Sentences of Recognition
He saw her without any recognition
Trade unions should be properly identified
Synonyms of Recognition
granting, concession, remembrance, recollection, recall, conceding, acknowledgement, identification, acceptance, admission