Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

One of the legal firms named Shah Legal Services, delivered services in the amount of Rs.1000/- for a customer in January 2020 and receives cash

image text in transcribed

One of the legal firms named Shah Legal Services, delivered services in the amount of Rs.1000/- for a customer in January 2020 and receives cash payments in February 2020. This Rs. 1000/- revenue is recognized in which month? Why would it be charged to that month? Which GAAP principle needs to be followed? Explain/define that GAAP principle as well

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

978-0324300987

Students also viewed these Accounting questions