Each of the following conditions must be met to recognize revenue from the sale of goods except

Question

Quizplus · Accepted Answer

All of the other conditions listed are requirements for recognizing revenue from the sale of goods. However, the possibility of economic benefits flowing to the company is not a necessary condition for recognizing revenue. Rather, it is the actual transfer of significant risks and rewards of ownership, ability to measure revenue reliably, and ability to estimate costs reliably that determine whether revenue should be recognized.

Each of the Following Conditions Must Be Met to Recognize