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12 January, 16:55

What conditions must be met for a company to include a transaction in reported revenue for a given period?

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  1. 12 January, 17:19
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    Conditions to be met by a company to recognize a transaction in revenue for a given period are:

    It should provide a benefit and shall be calculated and defined in numerical and monetary terms. It should relate to any kind of service or products provided. It shall be accrued in the current financial period. All the risk and rewards related to the service or product shall be transferred.
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