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Recognition Position Paper Karen Bellinger, Nicole Elston, Ernesto Lembert, Wanda Manning University of Phoenix ACC/539 Accounting for Managerial Decision Making Mark E. Hall, CPA January 25, 2006 As a consulting firm we would like to express our recommendations for your company for recognizing revenues and expenses. Basically, the revenue recognition principle is one of the four main principles in the US generally accepted accounting principles. In addition, it is the main difference between cash basis accounting and accrual basis accounting. In cash basis accounting, revenues are recognized when cash is received regardless of when and how the services were performed or goods delivered. In accrual basis accounting revenues are recognized when they are realized and earned, regardless of when the cash is received. The general rule for the standard method are revenues are realized when goods and services are exchanged for cash or claims to cash (receivables). Revenues are realizable when assets received in exchange...

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