Under International Financial Reporting Standards (IFRS) revenues occur when assets are used up or when liabilities are incurred to generate revenue.
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Q3: The expense recognition principle requires that efforts
Q9: The time period assumption states that the
Q10: Adjusting entries are not necessary if the
Q11: The time period assumption is often referred
Q12: Under International Financial Reporting Standards (IFRS) the
Q12: Adjusting entries are often made because some
Q15: International Financial Reporting Standards (IFRS) include a
Q16: Under International Financial Reporting Standards (IFRS) the
Q17: Income will always be greater under the
Q19: Expense recognition is tied to revenue recognition.
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