Mr. Somil works as an account executive for Tarak Shah & Company. He has to record certain accounting transactions as of March 30, 2021, in order to advance and close the books of accounts as of March 31. He is confused between the realization concept of accounting and the correspondence concept of accounting. 

As an account manager, kindly help him understand these two by: - Defining the meaning and purpose of both concepts - Proper example/situation for each concept that highlights the difference between these concepts

Answer rating: 100% (QA)

Certainly lets clarify the difference between the realization concept and the correspondence concept in accounting 1 Realization Concept Meaning The realization concept also known as the realization p... View the full answer