Accounting · Revenue Recognition
Under accrual accounting consistent with accounting standards, revenue is generally recognised when:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Cash is received from customers
- 2Legal title of goods is transferred irrespective of performance obligation
- 3Significant risks and rewards are transferred and measurable consideration exists✓
- 4Invoice is raised and recorded in sales register
Correct answer
Significant risks and rewards are transferred and measurable consideration exists
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