1. Here comes one of your interns. Shes a little angry. I dont understand, she says. One of ourcustomers just paid me $50,000 for fashion accessories well be shipping to them in July for New YorkFashion Weeks September 2021 events. Now somebodys telling me we cant call that Revenue! Ijust made a sale that adds $50,000 to our bank account. How is that not revenue?! OK, is this$50,000 Revenue or isnt it? WHY is it or isnt it? Explain to the intern.

2. When we acquire (buy for cash, lets say) a resource like a truck or a patent, we should not record(recognize) Expense at that time. True or False? WHY? All points will be for the why, your explanation ofwhy this is true or false. To be clear, I am saying We should not record expense at the time we buy atruck or other resource. True or False, and why? We spent cash, didnt we? So its an Expense, right? OK then: True or False and why?

(write few sentences for solution)