Finished Goods Sales
Code: 4141
👁 Views: 104
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Credit |
Definition
Revenue from selling finished manufactured products to customers.
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IFRS 15
Revenue from Contracts with Customers
US GAAP
ASC 606
Revenue from Contracts with Customers
❓ Frequently Asked Questions
Q: How is a credit sale of finished goods recorded?
A: Dr. Accounts Receivable, Cr. Finished Goods Sales, and Cr. Output VAT.