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    ll hilda ll's Avatar
    ll hilda ll Posts: 1, Reputation: 1
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    #1

    Jun 23, 2009, 03:25 AM
    How to recognize income?
    My teacher in acc asked as how can we regognize our income?
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    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.
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