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| Subject:
Revenue Recognition
Category: Business and Money > Accounting Asked by: ydorb-ga List Price: $5.00 |
Posted:
09 Jul 2006 11:07 PDT
Expires: 10 Jul 2006 18:17 PDT Question ID: 744700 |
How do you recognize revenue in 2005 if in Oct of 2004 you receive a contract for $1400 to perform services from Oct'04 to Apr '05? |
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| Subject:
Re: Revenue Recognition
From: nelson-ga on 09 Jul 2006 12:48 PDT |
Wouldn;t this depend on whether you are on a cash or accrual basis? |
| Subject:
Re: Revenue Recognition
From: ydorb-ga on 09 Jul 2006 20:43 PDT |
I'm not sure, but I would guess accrual basis. Does that help? |
| Subject:
Re: Revenue Recognition
From: myoarin-ga on 10 Jul 2006 03:03 PDT |
Hey, Ydorb, did you forget that you posted this question? As a rule, income is recognized when billed. |
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