ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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REVENUE RECOGNITION Definition
REVENUE RECOGNITION is the process of recording revenue, under one of the various acceptable methods, in the accounting period. In each period of revenue recognition, all related expenses should be matched to revenue. The most common method of recognizing revenue is at the time of sale or provisioning of service.
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PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.
RAND is a currency of South Africa.
