End Of Period Adjustments: The Revenue Recognition Principle Part 2/4
The current video talks about the Revenue Recognition Principle, and the conditions required to recognize revenues accurately in the accounting records.
00:00 Introduction
00:11 The Revenue Recognition Criteria: An Example
00:39 First Condition: The Contract
00:50 Second Condition : The Performance Obligations
01:19 Third Condition: The Transaction Price
01:34 Fourth Condition: Allocation of Transaction Price
02:13 Fifth Condition: Satisfying the Performance Obligations
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