Question: RECOGNITION & MEASUREMENT * What should we record a how should these transactions be measured? Recognition - formally recording a transaction into the financial statements

RECOGNITION & MEASUREMENT *
What should we record a how
should these transactions be
measured?
Recognition - formally recording a transaction into the financial statements as
an asset, liability, revenue, expense, or equity "making the journal entries
Measurement - quantify the transaction in terms of dollars, at Historical Cost DR's
(which is reliable, verifiable and objective!)
RECOGNITION & MEASUREMENT * What should we record a how should

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