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