revenue recognition and expense recognition

Under the accrual basis accounting, revenues and expenses are recognized by the following principles:

  • Revenue recognition: Revenue is recognized when both of the following conditions are met: Revenue is earned and Revenue is realized or realizable.
  • Expense recognition: Expense is recognized in the period in which related revenue is recognized (this is also known as the Matching Principle).

Respond to the following in a minimum of 175 words:

  • Discuss when the requirements of the revenue recognition principle are usually met. Give an example.
  • Discuss when the requirements of the expense recognition principle are usually met. Give an example.

 

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