UPMSP Vocational Accountancy & Auditing Practice Questions - Uttar Pradesh UPMSP Intermediate (Class 12) Vocational Accountancy And Auditing - Code 222 Exam

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A firm receives an advance of ₹20,000 from a customer in March 2026 for goods to be manufactured and delivered in May 2026. Under the Accrual Concept, when should this revenue be recognized?

May 2026 when the goods are manufactured and delivered March 2026 when cash advance is received April 2026 when raw materials are purchased At the end of the financial year 2026–27

Correct Answer:

May 2026 when the goods are manufactured and delivered

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