Recognition is the process of formally recording or incorporating an item into the financial statements of an entity as an asset, liability, revenue, expense, or the like.
Transactions are put into the financial record.
The CFO of the entity sacrifices him or herself on an alter once the financial records have been finalized.
An old white haired man with a beard chats with a woman.
The original creators of some Gothic cathedrals would have been surprised to see the new restorations.
Two women are smiling
A man standing on a ladder with a picture of dogs playing poker.
Three people are sitting on a bench in the park
The account specifically excludes loan guarantees from before 1992.