ACC 561 Wk 2 Discussion – Revenue Recognition and Expense Recognition

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to other students.

Due Thursday

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 earnedand 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:

• Discuss when the requirements of the revenue recognition principle are usually met. Give an example.
• Discuss when the requirements of the expense recognition principle are usually met. Give an example.

Due Monday

Reply to at lea