Textbook Notes (368,326)
Canada (161,799)
Accounting (533)
ACC 100 (214)
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accounting notes.docx

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Department
Accounting
Course
ACC 100
Professor
Vikraman Baskaran
Semester
Fall

Description
accounting notes What is FOB destination? Freight is paid by the shipper (supplier/seller). FOB Shipping Point: Freight is paid by the buyer (purchaser) Revenue Recognition Principal?  Revenue is recognized when earned. More specifically when:  Performance achieved  Amount measurable  Collection assured accountants need to identify alternatives points when revenue might be recognized, then consider which alternative best satisfies ALL the recognition criteria, and make recommendation. Matching Principal? Expenses FOLLOW Revenues. More specifically when
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