The Accounting Term for the Recording of a Sale Through

question 90

Multiple Choice

The accounting term for the recording of a sale through a journal entry is

• A) Revenue Accrual
• B) Revenue Recognition
• C) Receipt of Revenue
• D) Sales Transaction

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Definitions:

Contingent Asset

An asset that might come into existence subject to the occurrence of some uncertain future event.

AASB 137

The Australian Accounting Standards Board standard that specifies the accounting for provisions, contingent liabilities, and contingent assets.

Deferred Liability

A deferred liability is a financial obligation that a company owes and is recorded on its balance sheet to be settled in a future period.

Uncertain Future Events

Events whose occurrence and impact cannot be predicted with certainty, often requiring risk management and contingency planning.