Near the end of the current year, a company required a customer to pay $200,000
Near the end of the current year, a company required a customer to pay $200,000
Near the end of the current year, a company required a customer to pay $200,000 as a deposit for work that is to begin in the following year. At the end of the current year the company reported the $200,000 as a liability on its balance sheet. Which accounting principle/guideline prevented the company from reporting the $200,000 on its income statement for the current year?
