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Recognizing the Goods or Assets Purchased

RR7y ago
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.
P2-D2P2-D2Tutor7y ago#1
Hi, You would book it when the goods are received as that is when they are under your control. Thanks
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