Receipt of property or services will trigger income recognition.

Name: Receipt of property or services will trigger income recognition.
Brand: Quizplus
Rating: 4.8 (49 reviews)

Question

Quizplus · Accepted Answer

Receipt of property or services is one of the fundamental criteria for income recognition. When a company receives property or services, it is assumed that the company's economic resources have increased, and thus income is recognized. However, there may be some exceptions and special cases where income recognition is deferred or not recognized at all.

Receipt of Property or Services Will Trigger Income Recognition