The accounting principle which tells accountants when to record revenue and in what amount is called the:

Question

Quizplus · Accepted Answer

The revenue recognition principle guides accountants on when to record revenue and in what amount. This principle states that revenue should be recognized when it is earned and realizable, regardless of when payment is received. It also requires that the amount of revenue recorded should accurately reflect the value of goods or services provided.

The Accounting Principle Which Tells Accountants When to Record Revenue