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-   -   How to recognize income? (https://www.askmehelpdesk.com/showthread.php?t=368057)

  • Jun 23, 2009, 03:25 AM
    ll hilda ll
    How to recognize income?
    My teacher in acc asked as how can we regognize our income?
  • Jul 1, 2009, 05:15 AM
    rehmanvohra

    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.

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