Which accounting standard requires companies to recognize revenue when it is earned?
Practice Questions
1 question
Q1
Which accounting standard requires companies to recognize revenue when it is earned?
GAAP
IFRS
Both GAAP and IFRS
Neither GAAP nor IFRS
Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require revenue to be recognized when it is earned.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard requires companies to recognize revenue when it is earned?
Solution: Both GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards) require revenue to be recognized when it is earned.
