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ll hilda ll
Jun 23, 2009, 03:25 AM
my teacher in acc asked as how can we regognize our income?!
rehmanvohra
Jul 1, 2009, 05:15 AM
Income
* an increase in economic benefits
* during an accounting period
* in the form of inflows or enhancements of assets or decrease in liabilities
*resulting in an increase in equity (other than contribution from equity participants)

Income is recognised when it can be measured reliably.