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QUESTION
Under the accrual basis accounting, revenues and expenses are recognized by the following principles: Revenue recognition: Revenue is recognized when both of the following conditions are met: Revenue
Under the accrual basis accounting, revenues and expenses are recognized by the following principles:
- Revenue recognition: Revenue is recognized when both of the following conditions are met: Revenue is earned and Revenue is realized or realizable.
- Expense recognition: Expense is recognized in the period in which related revenue is recognized (this is also known as the Matching Principle).
Respond to the following in a minimum of 175 words:
- Discuss when the requirements of the revenue recognition principle are usually met. Give an example.
- Discuss when the requirements of the expense recognition principle are usually met. Give an example.
Reply to at least 2 of your classmates. Be constructive and professional in your responses.
1 response (175 words)
2 replies to classmates ( 150 words each)
