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Revenue from sale of products is generally realized in the
period in which
1.Cash is collected
2.When sale is made
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Answer Posted / santosh kandel
The revenue is realized when the amount of goods sold is acheived. Because, if u realiz the revenue by making sale proceed, there may occure baddebts from the debtors and hence our estimated revenue may fail.
So according to the prudence concept as well, we shouldnot count our gain in advance until and unless that is realized in cash.
| Is This Answer Correct ? | 4 Yes | 1 No |
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