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What is the revenue recognition principle?

As part of my business series on the blog, here is an info-graphic covering revenue recognition. As some of you know, revenue recognition has a special place in my heart as I audited revenue for a software company in the bay area.  I had to know these principles like that back of my hand. If you are hoping to run a business with investors, you may want to know some of this too. Without further adieu, the info graphic and intro by Ghergich & Co.

When it comes to plotting out your next steps as a business, there are a lot of factors that come into play. Of course, you need to understand expenses and employees and demand and customers, but you also need to figure out what to do about revenue — and by that I mean, what do you do about recognizing revenue.

There are a number of different established accounting principles that are acceptable and that can guide you in figuring out what’s best for your business. For example, you can recognize the revenue after you have completed the obligat…

4 Month Income Statement


I saw another blog https://financiallyfreeeverafter.com/ which has monthly reports on how the blog is doing financially. I loved the idea that I thought I would try it myself.

Revenue

Amazon affiliates $0

Anonymous adds 0.00000133 BTC ( $0.0048 USD).

Expenses

25 simbi for content (USD Value ??)

Income

$0.0048 USD

So for 4 months, this doesn’t look too good. It looks like I made nothing from Amazon affiliates and I made less than a penny for my ads. I also spent 25 Simbi on content. Simbi is a site where you can exchange goods and services using a virtual currency, Simbi. You can check it out here. Use my referral link and you will get some added bonuses.

Hopefully I will have more interesting information to share in the near future. It looks like my first 4 months of operation have not been very eventful.

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