Product Sales
Code: 4111
👁 Views: 182
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Credit |
Definition
Revenue generated from selling products
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
📐 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 cash sale of a product recorded?
A: Dr. Cash or Bank, Cr. Product Sales, and Cr. Output VAT if applicable.