Accounting · Accrual Concept
Under the Accrual Basis of accounting, when is revenue generally recognized?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1When the cash for the sale is received.
- 2When the transaction occurs, goods or services are delivered, and the legal right to receive payment is established.✓
- 3When the order from the customer is initially placed.
- 4When the company sends out the final invoice to the customer.
Correct answer
When the transaction occurs, goods or services are delivered, and the legal right to receive payment is established.
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