Company H signs a contract with a supplier for $50,000 worth of goods. The goods are delivered, but the payment will be made in the following month. Analyze the recognition of this liability, considering the Accrual Concept and Money Measurement.

The Accrual Concept dictates that expenses should be recognized when they are incurred, regardless of when they are paid. Therefore, the liability of $50,000 should be recognized in the period when the goods are received, reflecting the company's obligation to pay for the goods. This ensures that the company's financial statements accurately reflect its financial position and obligations.