ACC 561 Week 2 Discussion 1 | Assignment Help | University Of Phoenix
- University of Phoenix / ACC 561
- 21 Sep 2019
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ACC 561 Week 2 Discussion 1 | Assignment Help | University Of Phoenix
Week 2 Discussion – Revenue Recognition and Expense Recognition
Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students. 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.
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