How will you recognise revenue in case sale is made on FOB basis and in case of CIF basis? Explain.

Financial Due Diligence, Question Bank, Indirect Tax, Technical, All, Finance

A. The recognition of revenue in case of FOB (Free on Board) and CIF (Cost, Insurance and Freight) basis is determined by the point at which the ownership of the goods is transferred to the buyer. In case of FOB (Free on Board) basis, the ownership of the goods is transferred to the buyer once…...

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How will you recognise revenue in case sale is made on FOB basis and in case of CIF basis? Explain.

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