A company received an order from a customer in June
for services to be provided. Those services were
provided in July, and the customer paid the full amount
in August. According to the revenue recognition
principle, in which month should the company record
revenue?
A. June.
B. July.
C. August.
D. Evenly over the three months

Question

javein2742 javein2742

19-02-2020
Business

contestada

A company received an order from a customer in June
for services to be provided. Those services were
provided in July, and the customer paid the full amount
in August. According to the revenue recognition
principle, in which month should the company record
revenue?
A. June.
B. July.
C. August.
D. Evenly over the three months

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tanveermoledina tanveermoledina · Answer 1 · 2020-02-19T05:23:14+01:00

Answer:

b. July

Explanation:

According to the revenue recognition principle, the revenue has to be recognised in the period the services are provided.

In the question, the services were provided in July, so the revenue needs to be recognised in July,

The fact that the order was received in June or that the payment from the customer was received in August is not relevant for purposes of revenue recognition.