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Recognizing the Goods or Assets Purchased

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Recognizing the Goods or Assets Purchased

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • May 13, 2019 at 11:59 am #515762
    manirak
    Member
    • Topics: 24
    • Replies: 24
    • ☆

    Dear Lecturer,

    I would like to ask you a question related to the recognition of goods or assets purchased ?

    Should we recognize the goods or fixed assets purchased based on the invoice date that we received or based on when we received those goods or fixed assets (receiving date) ? Why ? Please help to provide me with the detailed explanation.

    Thank you in advance, lecturer.

    May 16, 2019 at 7:55 pm #516170
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    You would book it when the goods are received as that is when they are under your control.

    Thanks

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    Posts
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