Question

how does Exxon-Mobile recognize revenue on their on annual report for 2018 and 2019 ?

how does Exxon-Mobile recognize revenue on their on annual report for 2018 and 2019 ?

Homework Answers

Answer #1

Revenue Recognition -

Revenue Recognition is the principle of accounting which the company follows to book its revenue in the financial statement.

Revenue can be recognised in "Cash Basis" or "Accrual Basis".

Generally company follows accrual basis of accounting to book their revenue in the financial statement. In accrual basis of accounting revenue book as and when earned and not when we receive against cash.

Exxon-Mobile Recognize Revenue -

Exxon-Mobile recognises revenue at the amount expects to receive when the customer has taken control, which is typically when title transfers and the customer has assumed the risk and rewards of ownership.

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