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Every organization has a purpose, which includes making some product and rendering some services at a price, for normal operations of the business organization, it is the produce or sources of the firm that cause cash receipts (revenue) to flow into the firm. Revenue is associated with products or service of a firm as source of expected cash receipts. Revenue is an event; an increase that applies definitely to value that monetary. This increase occurs because the firm undertakes certain activities or there is any performance by the firm. Revenue therefore refers to the monetary event of asset values increasing in the firm due to the physical event of production or services of the firm’s product or services. In Kam, (1987:237), financial accounting standard (FABS) defines revenue as inflows or other enhancement of assets of an entry or statement of its liabilities (or combination of book) during period from delivery or producing goods, rendering service or other activities that constitutes the entry’s ongoing major or central operations. In addition, Hongreen et. al (2002:568) described revenue as inflows of asset (almost always cash or account receivables) received for products or services produced to customers.

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