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RECOGNITION 1. Provide an example of a transaction related

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RECOGNITION 1. Provide an example of...
RECOGNITION
1. Provide an example of a transaction related to this topic, in your own words. you sold a machine
2. If the above transaction results in an asset, then describe the probable future benefit, in your own words. If no asset is created, then indicate N/A.
3. If the transaction in (1) above results in a liability, then describe the present obligation and the probable future sacrifice, in your own words. If no liability is created, then indicate N/A.
4. The form of the necessary entry (including A,L,OE)?

MEASUREMENT
5. Identify whether or not this topic deals with INITIAL or SUBSEQUENT measurement.
6. For INITIAL measurement identify the valuation basis and for SUBSEQUENT measurement identify the situation requiring the subsequent measurement.
7. What are the possible measurement approaches?
8. For SUBSEQUENT measurement topics, the form of the necessary adjustment entry is (including A, L, OE):
Submitted: 4 years ago.Category: Homework
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Answered in 1 hour by:
8/26/2013
Tutor: Ray Atkinson, Graduate Student replied 4 years ago
Ray Atkinson
Ray Atkinson, Graduate Student
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Tutor: Ray Atkinson, Graduate Student replied 4 years ago
Missing info: When selling a piece of equipment, you are swapping one asset for another, having no effect on liabilities or OE.
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Customer reply replied 4 years ago
Could you answer questions using format Q -A!?
Tutor: Ray Atkinson, Graduate Student replied 4 years ago
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Customer reply replied 4 years ago
I am little confused, can you give me a recognition example to explain? Thanks
Tutor: Ray Atkinson, Graduate Student replied 4 years ago
Perhaps I misunderstood something. Did you start the example of "you sold a machine" in question 1?
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Ray Atkinson
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