In accounting for revenue recognition under ASC Topic 606, revenue can be recognized before a contract exists when cash has been received and: Goods have already been delivered to a customer, and there is no further obligation for the seller to deliver goods or services. The cash has been received for goods identified to be delivered and the cash is refundable. The cash has been received for goods or services to be delivered and the cash is nonrefundable. Revenue should never be recognized before a contract exists.

In accounting for revenue recognition under ASC Topic 606, revenue can be recognized before a contract exists when cash has been received and: Goods have already been delivered to a customer, and...

In accounting for revenue recognition under ASC Topic 606, revenue can be recognized before a contract exists when cash has been received and:

Goods have already been delivered to a customer, and there is no further obligation for the seller to deliver goods or services.

The cash has been received for goods identified to be delivered and the cash is refundable.

The cash has been received for goods or services to be delivered and the cash is nonrefundable.

Jun 10, 2022