GAAP part 3

GAAP part 3
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  • We just sold $100 of books but we haven't received the payment yet so I should probably wait until we receive the payment to record the sale.
  • What you're doing would break the REVENUE RECOGNITION PRINCIPLE.
  • Wait a second you can't do that.
  • Revenue recognition principle?
  • What?!?!
  • The revenue recognition principle states that under the accrual basis of accounting revenues should be recorded when the goods delivered to the customer not necessarily when the payment is received.
  • Thank you Accounting Ninja!
  • It was a good day today I was able to stop 5 people who weren't following the Generally Accepted Accounting Principles (GAAP).
  • I guess that means things are over for today. Time to get some rest.
  • Or are they?...
  • To be continued...
  • Junjie Wang
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