Posts tagged Revenue

Basically, by the rule, you should not recognize revenue until it has been earned. So, when is, exactly, a revenue considered as earned? You may …

IAS 1 states that, at the minimum, the income statement must include line items that present the following items: revenue, finance costs, share of profits …

Whether to completing a business plan (for investors’ review) or just doing a rough feasibility of a small business model, calculating and analyzing break-even point …

The objective of financial statements is to provide information for economic decisions. A complete set of financial statements comprises a balance sheet, income statement, statement …

If you are a bookkeeper, you serve as the eyes and ears of the accountant. Therefore you want to understand, at least, the basics of …

In some industries it is common practice for customers to have the right to return a product to the seller for a credit or refund. …

This post covers a complete revenue recognition policies and procedures that you can actually apply into a business, a real business. This policies and procedures …

In this post, I am going to reveal “how to apply revenue recognition under Installment method” in step-by step. As the title says, it is …

Following on my previous post (Evolving Problems In Revenue Recognition), the following controls can be used to spot transactional errors or attempts to alter the …

Certain problems currently found in the application of the general principles of revenue recognition, which can sometimes lead to fraudulent reporting, are discussed in this …

In a financial report, the income statement may seem like a tub standing on its own feet, disconnected from the balance sheet and the statement …

In the construction industry, two accounting approaches have developed over the years regarding the recognition of revenue. The first approach—the completed-contract method—does not recognize any …

Company’s periodic income statement consists essentially of two components: revenue and expense. Revenue for the period is generally determined by applying the revenue recognition principle. …