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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is recognition in accounting?

To determine

Explain the term recognition in accounting.

Explanation
  • Recognition refers to the process formally recording and reporting the items in the financial statement of the company. These items that are recognized will be shown both in words and numbers with the amount included in the financial statement totals. For an item to get recognized it has to undergo the four fundamental recognition criteria that is identified by the FASB...

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