Revenue is an economic gain earned by an entity from providing goods or services to. Dr. cash (asset +) or account receivable (asset +) or unearned revenue (liabilities -) xxx. Income statement account for revenue credited and balance sheet debited when revenue recognized. Any activity by entity to make a good or service available or valuable to customers. Critical-event approach single point in the earning process where 100% of the revenue in a transaction is recognized common for sale of goods or provision of one-time services. [ifrs] 5 criteria for identifying the critical for recognizing revenue on the sales of goods: Performance (by entity: significant risks & rewards transferred, seller has no involvement or control over the goods. Might not have occurred on delivery if buyer resell the merchandise before the seller gets paid or seller has to install the goods and installation is a significant part of the purchase.