According to generally accepted accounting principles (GAAP), revenue is recognized as income when:
a contract is signed to perform a service or deliver a good.
managers decide to recognize it.
payment is requested.
income taxes are paid on the revenue earned.
the transaction is complete and the goods or services are delivered.
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Home » Business » According to generally accepted accounting principles (GAAP), revenue is recognized as income when: a contract is signed to perform a service or deliver a good. managers decide to recognize it. payment is requested.