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How are expenses recognized and measured

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Reference no: EM132973259

Question - Describe the relationship between the balance sheet and the income statement?

1. The balance sheet portrays the effect of a firm's investing and financing decisions. In analyzing these decisions what two principles guide financing decisions?

2. The balance sheet imperfectly describe both resources and financing (claims on those resources). explain why applying asset and liability definitions and recognition criteria under US GAAP and IFRS does not result in the balance sheet including all economic benefits (resources) and obligations?

3. The word "probable" appear in the definitions of assets and liabilities and in the recognition criteria for liabilities with uncertain amount and or/timing or timing differ between US GAAP and IFRS?

4. What are the common size income statement?

5. What is revenue recognition?

6. How are expenses recognized and measured?

7. How do sellers measure revenue?

8. Describe income recognition after the sale when substantial performance remains?

Reference no: EM132973259

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