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An accounting must be familiar with the concept involved in determining earning of a business...

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Accounting

An accounting must be familiar with the concept involved in determining earning of a business entity. The amount of earing reported for a business entity is dependent on the proper recognition in general of revenue and expenses at the time of product sale; in other situation, guidelines have been developed for recognizing costs as expenses or losses by other criteria. 1- Explain the rationale for recognizing costs as expenses at the time of product sale. 2-What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assigning the costs to an asset? 3- Identify the necessary conditions in which it could be appropriate to treat a cost as loss.

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