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Question
Revenue is considered as being earned, when _________.
Revenue is considered as being earned, when _________.
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Solution
The correct option is D Sale is effected
Revenue are recognized when they are realized or realizable and are earned, no matter when cash is received. Usually, when goods are transferred or services rendered, revenue is considered as earned. Hence, when sales is affected i.e increase in sales denotes revenue is generated.
Revenue are recognized when they are realized or realizable and are earned, no matter when cash is received. Usually, when goods are transferred or services rendered, revenue is considered as earned.
Hence, when sales is affected i.e increase in sales denotes revenue is generated.
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