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📲 Share with Classmates & Study Groups:
| This concept states that revenue from any business transaction should be included in the accounting records only when it is realised. | |
| Revenue is said to have been realised when cash has been received or right to receive cash on the sale of goods or services or both has been created. |
| Significance- It helps in making the accounting information more objective. |
| It provides that the transactions should be recorded only when goods are delivered to the buyer. |
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