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Final

ACC2100 Final: INCOME REVENUE
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1 Page
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Fall 2017

Department
Accounting
Course Code
ACC2100
Professor
Dr Dharmendra Naidu
Study Guide
Final

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Definition Criteria for Income
Inflows (increases in assets or decreases in liabilities)
Cash / credit sale (enhances debtors) / or forgiveness of debt
(e.g., discount received)
1.
Resultant increase in equity
Increase in net wealth
2.
Other than contributions by equity participants
3.
Recognition Criteria for Income
Probable future outflow of economic benefits
More likely than not
Greater than 50% chance of occurring
E.g., a pending decision in a law suit
1.
Reliable measurement
Transaction to verify the cost
Reasonable estimate
2.
INCOME'REVENUE'
Tuesday,* 23*May*2017
9:11*pm

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Description
INCOME REVENUE Tuesday, 23 May 20179:11 pm Definition Criteriafor Income 1. Inflows (increases in assets or decreases in liabilities) Cash credit sale (enhances debtors) or forgiveness of debt (e.g., discount received) 2. Resultant increase in equity Increasein net wealth 3. Otherthan contributions by equity participants Income can not be capital contributed by owners RecognitionCriteriafor Income 1. Probable futureoutflow of economic benefits More likely than not Greater than 50 chanceof occurring E.g., a pending decision in a law suit 2. Reliable measurement Transaction to verify the cost Reasonable estimate
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