Accounting - Essential elements of revenue recognition
Essential elements of revenue recognition
1. * There must be verifiable evidence of the money amount involved.
2. * The process involved in earning that revenue must be substantially complete.
Assumption: the accounting period is one month
August: The painting is commisioned
September: The painting is completed
October: The painting is delivered
November: Payment is made
Using the information in the cartoon match the relevant recognition point
with the particular month.
View the text document for solution to 'portrait of a gentleman'.
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