Examlex
Imagine two scientists from another planet visit earth and are attempting to study our computers.In his studies Poz focuses on how the computer is used for conducting business,accessing research,communicating with others,and playing games,while Zog concentrates on the construction of the hard-drive,monitor,keyboard and mouse.Poz's approach is most similar to ____ while Zog's is most similar to ____.
Recognized
Recognized, in accounting terms, refers to the official acknowledgment of a transaction or event in the financial statements through recording it.
Customers
Individuals or entities that purchase goods or services from a business, contributing to the company's revenue.
Revenue Recognition Principle
An accounting standard requiring revenue to be recognized in the accounting period when it is earned and measurable.
GAAP
Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction, commonly used in the United States.
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