The revenue recognition principle requires that revenues be shown in the period in which they are earned, not when cash is collected. If payment is received in advance, it should be recorded as a liability, not as revenue. If this principle is not followed, users of financial statements may be led to believe that a corporation is doing better than it actually is. Discuss revenue recognition principle with local and global example to show violation of this principle.
Required: 750- 1000 words
Marks assigned: 10 marks
Due date: 15th November, 2020
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