1. A popcorn seller can recognize revenue when there is proof of no harm done to customer after…
- March 08, 2021/ Questions
1. A popcorn seller can recognize revenue when there is proof of no harm done to customer after consumption. 2. For a popcorn seller expenses recognition will be different in Cash-basis and Accrual-basis. 3. The point of reference for the recognition of expenses also becomes the recognition of revenues. 4. All assets, irrespective of their life, compulsorily expire as expenses sooner or later. 5. For the purpose of matching, there are revenues that are going to occur for a business and can be traced to each particular unit of expenses. 6. Sale on credit can result in a future possible expense.