Rules and Process of recording revenue, under one of the various methods, in the accounting period. In the period of revenue recognition, related expenses should be matched to revenue. The most often used method of recognizing revenue is at the time of sale or rendering of service. The cash basis of revenue recognition is also popular among service businesses. Other methods of revenue recognition include during production and at the completion of production. See also completed contract method; installment (sales) method; percentage - of - completion method ; realization.