Real to Reel is a retailer. A company symbolwas devolved by a consultant at a cost of $154,000. How should this transaction be recorded and reported?

chronicle is a system for providing quantitative, fiscal information more or less frugal entities that is useful for making sound stinting decisions. Accounting is oft called the language of backing because it provides the means of playscripting and communicating commercial enterprise activities and the results of those activities. (Albrecht, WS, Stice, JD, Stice, EK & Swain, MR 2005) The way that this is done is governed by the Regulatory and nobble Framework for Accountancy in Australia. The Regulatory framework consists of the rules, guidelines and commandment law that govern the preparation and presentation of General designing pecuniary Reports in Australia. The Conceptual Framework is described by Kloot, LS, Sandercock, EK, Meigs, RF & Meigs, WB (2002) as a limpid consistency of accounting theory or a site of co-ordinated concepts with a purpose to define the nature, scope and purpose of monetary accounting and reporting. In this instance it concerns how the company two-bagger for Real to Reel should be book of accounted. The accountant must record the action in line with the guidelines set out by the framework. The aim of this essay is to comp are the ways that the purchase of a logotype may be recorded by a firm, and why they are correct. The correct method of recording this traffic will be examined.

The transaction of Real To Reels company logo that was developed by a consultant at a cost of $154,000 is an irregular transaction that may typically be difficult to place as to where it may be recorded. several(prenominal) options purchasable may perhaps b e an Intangible asset, write trim back or ! otherwise. The correct option will be examined cast up on. This transaction could be recorded as both an asset, which are defined by Kloot, LS et al (2002) as future day economic benefits controlled by the entity as a result of prehistorical transactions or other... If you want to get a honorable essay, array it on our website: OrderCustomPaper.com

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