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.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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