Since basic fund accounting is driven by the need to classify resources, this chapter also covers revenue accounting. Generally accepted accounting principles (GAAP) is a technical accounting term ...

Another major issue in revenue accounting is when to recognize or record the revenue. A common practice is to record the revenue when we receive payment (cash) from the customer. This is referred to ...

Net sales are calculated as gross revenues net of discounts, returns, and allowances. Though accounting for gross revenue is helpful, it may be misleading as it does not fully encapsulate the ...

The following general ledger/commitment items are used to record revenue as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...

Gift cards, also known as gift vouchers or gift certificates, are a significant source of revenue for numerous e-commerce ...