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Q: Revenue Recognition ( No Answer,   3 Comments )
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?
There is no answer at this time.

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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