REVENUE RECOGNITION Definition

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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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CREDIT CARD is a card authorizing purchases on credit at a predetermined interest rate and payment conditions.

NET REVENUE is GROSS REVENUE less discounts, allowances, sales returns, freight out, etc.

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