What is the difference between accounting realization and recognition?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Realization is the process of converting an asset liability or ...View the full answer
Answered By
Aqib Parvej
I am teaching since my graduation time so I have teaching experience of about 5 years and in these years I learn to teach in the best and interesting way .
4.80+
20+ Reviews
41+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Question Posted:
Students also viewed these Accounting questions
-
What is the difference between accounting realization and recognition?
-
What is the difference between recognition and realization as it applies to the recording of a deferred tax asset on a balance sheet?
-
What is the difference between a depreciation of a currency and a devaluation of a currency? What is the difference between an appreciation and a revaluation?
-
The following is a sufficient condition, the Laplace-Liapounoff condition, for the central limit theorem: If X 1 , X 2 , X 3 , . . . is a sequence of independent random variables, each having an...
-
Consider the following data. a. Develop a frequency distribution using classes of 1214, 1517, 1820, 2123, and 2426. b. Develop a relative frequency distribution and a percent frequency distribution...
-
Show by an example the analysis of a wnit price for a 6-in.-thick conc blk ptn wall, assuming the conc blks cost $1.00 each; the cmt mtr, $60.00 per CY; and the mason, $15.00 per hour.
-
Explain the profit incentive of banks to engage in OMOs with central banks using the logic of Chapter 8s model of banking.
-
Gary Smith opened a medical practice specializing in surgery. During the first month of operation (July), the business, titled Gary Smith, Professional Corporation (P.C.), experienced the following...
-
Based on the movie The Accountant , perform an internet search for what they did with Artificial Intelligence. Required: Answer the following questions: What was he attempting to do by examining the...
-
Below are shown three different crystallographic planes for a unit cell of some hypothetical metal. The circles represent atoms: (a) To what crystal system does the unit cell belong? (b) What would...
-
Does the criterion of understandability mean that every person should be able to understand the financial statements? Discuss.
-
What are the different meanings often accorded to the term income?
-
Calculate the mass of each of the following: (a) A sphere of gold with a radius of 10.0 cm [the volume of a sphere with a radius r is V = (4y3)r3; the density of gold = 19.3 g/cm3], (b) A cube of...
-
Prove that Eq. (19.34) gives the simplest multi-gluon and gluon-quark states that contain an \(\mathrm{SU}(3)\) color singlet in the decomposition. Data from Eq. 19.34 (GG)1: (88)1 (Gqq) : [8 (383)8]...
-
In question 70, what is the probability that of the 100 cars test-driven, more than 35 cars get more than 45 miles per gallon? How many of the 100 cars tested would you expect to get more than 45...
-
Construct the braid group products (a) (b) using the algorithm of Fig. 29.16 . Data from Fig. 29.16
-
Worksheet The adjusted trial balance columns of a worksheet for Bond Corporation are shown below. The worksheet is prepared for the year ended December 31. Complete the worksheet by (a) entering the...
-
The Healthy Catering Service had the following transactions in July, its first month of operations: 1 Kelly Foster contributed \(\$ 18,000\) of personal funds to the business in exchange for common...
-
Two objects emitting \(550-\mathrm{nm}\) light are placed side by side \(30.0 \mathrm{~mm}\) apart. For an eye in which the pupil has a diameter of \(6.00 \mathrm{~mm}\), what is the minimum...
-
a. What is meant by the term tax haven? b. What are the desired characteristics for a country if it expects to be used as a tax haven? c. What are the advantages leading an MNE to use a tax haven...
-
An audit client has acquired another company and accounted for the acquisition as a purchase. An independent real estate appraiser has been hired to value the assets of the acquired company. What are...
-
Each of the following items must be considered in preparing a statement of cash flows for Cruz Fashions Inc. for the year ended December 31, 2010. 1. Fixed assets that had cost $20,000 612 years...
-
GAAP requires the statement of cash flows be presented when financial statements are prepared. (a) Explain the purposes of the statement of cash flows. (b) List and describe the three categories of...
-
GAAP requires the statement of cash flows be presented when financial statements are prepared. (a) Explain the purposes of the statement of cash flows. (b) List and describe the three categories of...
-
Callaho Inc. began operations on January 1 , 2 0 1 8 . Its adjusted trial balance at December 3 1 , 2 0 1 9 and 2 0 2 0 is shown below. Other information regarding Callaho Inc. and its activities...
-
Required: 1. Complete the following: a. Colnpute the unit product cost under absorption costing. b. What is the company's absorption costing net operating income (loss) for the quarter? c. Reconcile...
-
Bond Valuation with Semiannual Payments Renfro Rentals has issued bonds that have an 8% coupon rate, payable semiannually. The bonds mature in 6 years, have a face value of $1,000, and a yield to...
Study smarter with the SolutionInn App