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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How is revenue recognition related to the recognition of accounts receivable?

To determine

State the way in which the revenue recognition is related to the recognition of accounts receivable.

Explanation

Revenue recognition principle:

Revenue recognition principle states that every business organization should recognize the revenue when it is earned, no matter, cash related to that obligation is received or not.

The revenue is recognized, only when a company satisfies its performance duty to a customer...

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