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What is the Realisation Concept?

Learn accounting with us today ➡️ https://www.theaccountingstudent.co.uk WHAT IS THE REALISATION CONCEPT? The realisation concept states that transactions of a business are recorded in the accounts when the legal title passes between the buyer and seller. The concept is heavily associated with the selling of goods and services, the respective revenue must be recognised or realised when the seller transfers the risks and rewards i.e. the legal title associated with the ownership of the goods to the buyer. In most cases, the legal title transfer occurs at the time when the goods are actually handed over to the buyer. However, sometimes the legal title transfer may not be at the same time as the payment is made. For example, where goods and services are sold on credit they are recorded when it is made but the payment will be made at a later date. This video will help you with questions such as what is the realization concept, what is meant by realisation in accounting, what is difference between accrual and realization, what is the realisation concept in business, what is the realisation concept in accounting, what is the realisation concept example, realisation concept example, advantages and disadvantages of realisation concept, realisation concept example, realisation concept vs accrual concept. MUSIC CREDIT ‪@benfrydrums‬ DISCLAIMER Our content is to be used as an EDUCATIONAL TOOL that aims to provide a foundation for individuals to learn financial accounting, management accounting and bookkeeping topics as practiced in the United Kingdom. As a result, not all complexities are shown or provided. Examples may include but are not limited to; differences between financial reporting, accounting standards or tax treatments. We are NOT ENGAGED in the providing of accounting, bookkeeping, financial, investment, tax, or other professional services. You should consult with a qualified or professional such as an accountant, business advisor, investment specialist, lawyer, solicitor, etc., with regards to specific facts and situations. #realisationconcept #accountingconcept #accountingconcepts