# Revenue recognition

> Revenue recognition — Deciding when, and how much, revenue is recorded — under US GAAP, when (or as) control of a promised good or service transfers to the customer, at the consideration the entity expects to be entitled to.

Source: https://lopifi.com/glossary/revenue-recognition
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is revenue recognition?** In accounting, revenue recognition means deciding when, and how much, revenue is recorded — under US GAAP, when (or as) control of a promised good or service transfers to the customer, at the consideration the entity expects to be entitled to.

## Words this system refuses for it

- billing
- invoicing
- booking revenue when cash arrives

- **Category:** Revenue recognition
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Rendered by:** [invoice-form](https://lopifi.com/md/components/invoice-form)
- **Related:** revenue, us-gaap