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Revenue

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Revenue

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • May 19, 2021 at 9:50 am #621038
    rashard
    • Topics: 16
    • Replies: 30
    • ☆

    What is the difference between transferring the legal title of an asset and transferring the physical possession of the asset? And how to determine if the legal title has been transferred or not?

    May 19, 2021 at 3:45 pm #621066
    Stephen Widberg
    Moderator
    • Topics: 10
    • Replies: 2548
    • ☆☆☆☆☆

    I sell you a house on Monday and move out on Tuesday.

    Legal title – Monday
    Possession – Tuesday

    Transfer of title – determined by lawyers

    What matters for the accounts is transfer of control – usually possession

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