Under an accrual accounting system, the recognition of revenue is independent from when the cash is received. If cash or check is received at the time of providing the goods/services, then the revenue ...

The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.

Reviewed by Margaret James Barter exchange takes place when an individual or a business entity provides a good or service and receives a good or service in return rather than receiving cash or another ...