Realisation

Realisation

1. Conversion of assets, goods, or services into cash or receivables through sale. Also called actualization. 2. In accrual basis accounting, recognition of revenue upon its occurrence, when the title passes from seller to the buyer with the associated creation of an obligation to pay. In contrast, in cash based accounting revenue is recognised only when cash is received. 3. Carrying out of an act or process to its completion.

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Part of Speech: noun
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Industry/Domain: Accounting
Category: Auditing
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