Covidibidapdap received PhP80 000 in cash on December 2020 from Romeo Limited in return for having provided financial advice during the 2020 financial year. Required: Explain, with reference to the relevant definitions, if a liability can be recognized based on the case. B. Briefly identify whether and/ or how your answer would change if the cash received had been received for financial advice to be provided in the 2021 financial year.
Covidibidapdap received PhP80 000 in cash on December 2020 from Romeo Limited in return for having provided financial advice during the 2020 financial year. Required: Explain, with reference to the relevant definitions, if a liability can be recognized based on the case. B. Briefly identify whether and/ or how your answer would change if the cash received had been received for financial advice to be provided in the 2021 financial year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Covidibidapdap received PhP80 000 in cash on December 2020 from Romeo Limited in return for having provided financial advice during the 2020 financial year.
Required:
Explain, with reference to the relevant definitions, if a liability can be recognized based on the case.
B. Briefly identify whether and/ or how your answer would change if the cash received had been received for financial advice to be provided in the 2021 financial year.
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