Accounting: The Language of Business - Vol. 2 (Intermediate: Part 126)

By the mid-1800s, the industrial revolution in Britain was well underway and London was the financial centre of the world. With the growth of the limited liability company and large-scale manufacturing and logistics, demand surged for more technically proficient accountants capable of handling the growingly complex world of global transactions (yourfuture.accaglobal.com).

 Revenue Recognition (Part M)

by

Charles Lamson 

Recall from Exhibit 8.1 from Part 114 and reintroduced below, the five steps in revenue recognition.

For a more in-depth review of the five steps, consult the following table and click on the links provided.

Step 1	Parts 114, 115, and 116
Step 2	Parts 117, and 118
Step 3	Parts 119, 120, and 121
Step 4	Parts 122, and 123
Step 5	Parts 124, and 125

Example 8.20 summarizes the five-step revenue recognition process with a comprehensive illustration.

*GORDON, RAEDY, SANNELLA, 2019, INTERMEDIATE ACCOUNTING, 2ND ED., PP. 397-401*

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