Question

Recognition"" refers to the idea of conveying the details of a transaction in a narrative note without including anything in the actual financial statements. True or false?

Answer 1

FALSE

Step-by-step explanation:

Recognition relies on the idea of communicating in a descriptive document the specifics of a sale, while including anything else in the current financial statements.

• An act of acknowledgment or a Condition of acknowledgment. Identifying something as previously observed, seen, understood, etc., perceiving something as actual or true; knowing it.

• Acceptance of something as being legitimate or entitled to evaluation: the acceptance of an argument.

therefore the answer for the following statement is FALSE.