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recognition is the process of?

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Shesleyalbeldago

Answer:

Recognition is the recordation of a business transaction in an entity's accounting records.

Explanation:

For example, a loss can be recognized on a lower of cost or market analysis, thereby recording the loss in the accounting records. Or, a sale transaction is recognized by recording revenue in the accounting records.

Samelinxyego

recognition is the process of?

  • Recognition is the process of formally recording or incorporating an item in the financial statements of an entity as an asset, liability, revenue, expense or the like.

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