What does recognition mean in accounting, Accounting Basics

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What does recognition mean in accounting

Response to the following questions:

1. What is financial capital? Why is capital maintenance important?

2. What does "recognition" mean in accounting?

3. Define an asset. What are the three characteristics of an asset?

4. Define a liability. What are the three characteristics of a liability?

If possible, please give examples to better understand your response.

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Accounting Basics: What does recognition mean in accounting

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Accounting Basics: What does recognition mean in accounting

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