20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for September 2025 exams.
Get your discount code >>

Revenue

This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.

Viewing 2 posts - 1 through 2 (of 2 total)

Author
Posts
May 19, 2021 at 9:50 am #621038
rashard
Participant
- Topics: 17
- Replies: 32
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
Keymaster
- Topics: 16
- Replies: 3411
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
Author
Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.