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What is the revenue recognition principle?
Question
Asked 3/13/2014 6:37:11 PM
Updated 3/14/2014 6:40:04 AM
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This answer has been confirmed as correct and helpful.
Edited by selymi [3/14/2014 6:12:10 AM], Confirmed by selymi [3/14/2014 6:40:04 AM]
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User: What is the revenue recognition principle?

Weegy: The revenue recognition principle states that, under the accrual basis of accounting, you should only record revenue when an entity has substantially completed a revenue generation process; thus, you record revenue when it has been earned. ]
aisonyu|Points 270|

User: What is the expense recognition principle?

Weegy: Expense recognition principle - states that expenses should be recognized in the accounting period when goods and services are used up to produce revenue and know when the entity pays for those goods and [ services. href='http://blueminetreasures.blogspot.com/2008/11/accounting-basic-concepts-and.html&rct=j&sa=X&ei=Ii0PUef7IMjKswbnnoDACQ&ved=0CCwQkA4oAA&usg=AFQjCNHHoFkGlqqLR21SBcK0zLKtnOdYNQ&cad=rja' target=_blank rel='nofollow'>http://blueminetreasures.blogspot.com/2008/11/accounting-basic-concepts-and.html&rct=j&sa=X&ei=Ii0PUef7IMjKswbnnoDACQ&ved=0CCwQkA4oAA&usg=AFQjCNHHoFkGlqqLR21SBcK0zLKtnOdYNQ&cad=rja ]
MrG|Points 6394|

Question
Asked 3/13/2014 6:37:11 PM
Updated 3/14/2014 6:40:04 AM
0 Answers/Comments
This answer has been confirmed as correct and helpful.
Edited by selymi [3/14/2014 6:12:10 AM], Confirmed by selymi [3/14/2014 6:40:04 AM]
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