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Under the accrual basis accounting, revenues and expenses are recognized by the following principles:
Revenue recognition: Revenue is recognized when both of the following conditions are met: Revenue is earned and Revenue is realized or realizable.
Expense recognition: Expense is recognized in the period in which related revenue is recognized (this is also known as the Matching Principle).
Respond to the following in a minimum of 175 words:
Question 1: Discuss when the requirements of the revenue recognition principle are usually met. Give an example.
Question 2: Discuss when the requirements of the expense recognition principle are usually met. Give an example.
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