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level: Revenue Recognition

Questions and Answers List

level questions: Revenue Recognition

QuestionAnswer
Principal vs Agent Relationship: Which revenue gets reported?Principal: Gross Revenue Agent: Net Revenue
When is revenue recognized in Repurchase Arrangements?Never, it is not a sale/revenue.
When is revenue recognized in Bill-and-Hold Agreements?When it is delivered. EXCEPTION: When designated by the other party for a good reason
When is revenue recognized on Consignment?When the items are sold