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A company sold products worth $15,000 to a customer in December. The company’s sales terms require the customer to pay the company in 30 days. The company’s income statement reported the sale in December.
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A company sold products worth $15,000 to a customer in December. The company’s sales terms require the customer to pay the company in 30 days. The company’s income statement reported the sale in December. This comes under which accounting principle/guideline?

ITS NOT REAALY SAT ITS ACCOUNTING PRINCIPLES HURRY I NEED HELP

User Lleon
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Answer:

revenue recognition!!!! (requires that revenue is reported when it is earned. when goods are sold orrrrr services provided not when payment is received!!!)

User Aleksandrus
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