Listed below are topic(s) I would like for each of you to discuss throughout the week. Refer to the textbook, weekly materials, and/or the GMC library when researching the topics for this Discussion Forum. Put your writing into your own words, do not copy directly from the source. If you incorporate external resources (http://gmcga.libguides.com/periodicals) in your posts be sure to cite (https://gmcga.libguides.com/citationmanagement/APA7th) them properly. Lastly, review how to paraphrase and quote resources before you begin posting (http://gmcga.libguides.com/c.php?g=458&p=996448).

Mandy Moore Dance Studio wishes to expand her dance studio and the bank has loaned her $100,000. The bank requires the business to maintain a current ratio of no less than 1.50. The expansion of the dance studio has been solid but not as well as expected. Due to the expansion, the current ratio is 1.40 as of December 15^th. In reviewing the books, there is a contract for $10,000 which was signed on December 5^th, but the dance studio will not earn the money until January. In order to raise the current ratio, Mary is thinking of recording this as revenue in December.

By recording the revenue in December, determine the accounting principle that would dictate when the revenue should be recognized.

Identify the standard the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have issued and how it pertains to this situation.