Jio Platforms Revenue Manager Interview Questions, Process, and Tips

IFRS 15 is a revenue recognition standard that outlines principles for recognizing revenue from contracts with customers.

• IFRS 15 provides a single, comprehensive revenue recognition model for all contracts with customers.

• It requires entities to recognize revenue when control of goods or services is transferred to the customer.

• The standard also includes guidance on contract modifications, variable consideration, and per...read more

The 5 steps model to recognize revenue involves identifying the contract, identifying performance obligations, determining the transaction price, allocating the transaction price, and recognizing revenue as performance obligations are satisfied.

• Identify the contract: Determine the existence of a contract with a customer.

• Identify performance obligations: Identify the promises to transfer goods or services to the custome...read more

Accrual entry is a journal entry made to record revenue or expenses that have been earned or incurred, but have not yet been received or paid.

• Accrual entry is used to match revenue and expenses with the period in which they are earned or incurred, regardless of when the cash is actually received or paid.

• For example, if a company provides services in December but does not receive payment until January, an accrual entry ...read more

Unearned revenue is a liability account that represents advance payments from customers for goods or services that have not yet been provided.

• Unearned revenue is recorded as a liability on the balance sheet until the goods or services are delivered.

• Once the goods or services are provided, the unearned revenue is recognized as revenue on the income statement.

• Examples of unearned revenue include magazine subscriptions pa...read more