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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What is recognition in accounting?
Explain the term recognition in accounting.
- 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...
Chapter 2 Solutions
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